Dollar/yen dropped as part of the greenback sell-off that followed the dovish twist from the Fed. What’s next?
Here is their view, courtesy of eFXdata:
ING discusses USD/JPY technical outlook and maintains a bearish bias on a multi-day basis, and flags the 109.80 as an attractive entry to sell on rallies.
“A pull-back towards the former breakout level around 109.80 would offer a perfect selling opportunity in expecting the development of a lower top followed by the next correction.
We recommend selling the rallies within this rally and waiting for the next bearish set-up,†ING adds.
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