USD/JPY moved up as the greenback took one leg higher. What’s next? After the dovish Bank of Japan decision, the Fed will likely be hawkish. On this background and for other reasons, there is room to the upside.
Here is their view, courtesy of eFXdata:
ING discusses USD/JPY technical outlook and maintains an ‘UP’rating in the near-term (see here).
“A close above the horizontal resistance around 111.35 will confirm this bottoming scenario.
The completed bottom formation is suggesting a price target of around 118.00 with overhead horizontal resistance coming in between 114.45 and 115.50.
We keep our rating unchanged at ‘Up’” IN argues.
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