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Dec 07 - 05:00 PM
USD/JPY: A Decline Below 112.23 To Confirm Selling Pressure But Downside Likely Limited - ING
First appeared on eFXplus on Dec 07 - 01:15 PM

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

"The recent trend change below the MA-50 line at 113.09 and the underlying trend line around 112.95 is suggesting short-term selling pressure. However, we believe that the short-term downside is limited. A decline below yesterdays low at 112.23 will confirm the selling pressure.

Solid short-term support comes in between the horizontal line around 111.70 and the rising EMA-200 line at 111.57. From here we are expecting the next rally in building a larger top formation," ING argues. 

Source:
ING Research/Market Commentary

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