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.