ING discusses USD/JPY technical outlook and maintains a neutral bias on a multi-days basis.
"No follow-up after the recent close above the horizontal resistance around 109.80. This is confirming that this is not the beginning of a strong rally, but the search for a lower top from where the next decline should start," ING notes.
"The upside potential is limited with next resistance beginning at the declining MA-50 line at 110.56 with the flat EMA-200 line coming in at 111.03. All in all, we are looking for the next selling opportunity to downgrade our rating to‘Down’ again," ING adds.