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Thomson Reuters
Apr 01 - 01:24 PM
USD/JPY: Bullish On A Close Above 111; Bearish On A Close Below 110.58 - ING
First appeared on eFXplus on Apr 01 - 11:10 AM

ING discusses USD/JPY technical outlook and maintains a neutral bias on a multi-days basis.

"Prices are breaking the next long-term moving average line, the EMA-200 line at 111.00 after the successful test of the horizontal support around 109.80. This suggests the development of a short-term trading range between 109.80 and 111.70 with the long-term falling trend line coming in around 112.30.

"A close above the EMA-200 line is pointing to a test of the upper end of the trading range around 111.70. Only a failure to close above the EMA-200 line at 111.00 followed by a close below the rising MA-50 line at 110.58 would suggest increasing downside risks," ING adds. 

Source:
ING Research/Market Commentary

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