USD/JPY has been quite stagnant, not going anywhere fast. When it eventually picks a direction, where will it go?
Here is their view, courtesy of eFXdata:
ING discusses USD/JPY technical outlook and notes that the daily momentum chart is still not ruling out short-term higher prices within the building of a top formation.
“Prices are hovering around the long-term falling trend line at 110.60 with overhead horizontal resistance coming in at 111.35.
A close below the long-term moving average lines is necessary to expect short-term selling pressure towards the crucial horizontal support around 108.30 with intermediate horizontal support coming in around 109.30. The rising MA-50 line comes in at 110.00 with the flat EMA-200 line at 109.76,†ING argues.
For lots more FX trades from major banks, sign up to eFXplus
By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.
