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Dec 04 - 05:00 PM
USD/JPY: Could Attempt To Test Into 114.45-115.50 Resistance Pending Staying Above 112.90 - ING
First appeared on eFXplus on Dec 04 - 03:00 PM

ING discusses USD/JPY technical outlook and highlights the importance of consolidating around the 112.90 level which could help pushing the pair to stage a rally into the overhead horizontal resistance area 114.45-115.50.

"Prices do not manage to break above the falling trend line around 113.85 with the daily momentum chart deteriorating further.

However, as long as prices are successfully consolidating around the rising MA-50 line at 113.09 and the underlying trend line around 112.90 we should expect a break above the falling trend line to expect a test of the overhead horizontal resistance area 114.45-115.50 in the development of a longer-term top," ING anotes.  

Source:
ING Research/Market Commentary

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