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May 14 - 11:00 AM
USD/JPY: A Sell Signal After 109.70 Break Targeting 107.50 - ING
First appeared on eFXplus on May 14 - 09:00 AM

ING discusses USD/JPY technical outlook and shifts into a bearish bias on multi-days basis.

"Yesterdays close below the horizontal support around 109.70 is weak, breaking the lower end of the trading range. This Sell signal suggests lower prices with long-term solid horizontal support coming in around 107.50 with intermediate horizontal support around 108.75," ING notes. 

"Todays recovery to the former breakout level around 109.70 is offering an interesting selling opportunity and we downgrade our rating to Down from Neutral’," ING adds. 

Source:
ING Research/Market Commentary

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