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Mar 06 - 01:24 AM
USD/JPY: S/T Bullish Target at 112.95; Looking To Sell Rallies Around There - ING
First appeared on eFXplus on Mar 05 - 01:55 PM

ING discusses USD/JPY technical outlook and maintains a bullish bias on a multi-days basis, but sees rallies towards 112.95 as a selling opportunity.

"Last week’s close above the horizontal resistance around 111.70 is confirming the bullish undertone for a test of the declining trend line of the past few months coming in around 112.65 with a short-term bullish target at 112.95," ING notes. 

"A short-term top should be expected around those levels and therefore we recommend selling the rallies. First support comes in at the former horizontal resistance around 111.70 with solid support coming in at the flat EMA-200 line at 110.99," ING adds.

Source:
ING Research/Market Commentary

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