ING discusses USD/JPY technical outlook and maintains a bullish bias on a multi-days basis.
"No follow-up within the uptrend after prices closed above the long-term falling trend line around 112.00 on Wednesday, which is somewhat weak. However, we still consider the downside potential as limited after yesterday’s decline and close below the horizontal support around 111.70. The long-term moving averages will offer next support in making a higher low with the slowly rising MA-50 line at 111.31 and the flat EMA-200 line coming in at 111.13,' ING notes.
"Only a close below the lower end of the rising trend channel around 110.70 would violate the uptrend," ING adds.