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Feb 06 - 05:00 PM
USD/JPY: Upside Limited Ahead Of 110.56; Awaiting Next Selling Opportunity - ING
First appeared on eFXplus on Feb 06 - 03:25 PM

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 toDown again," ING adds. 

Source:
ING Research/Market Commentary

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