USD/JPY: Looks Toppish Today; Better Buying Opportunities On Dips Next Few Days – ING

USD/JPY advanced alongside US bond yields but hesitates at higher ground. What’s next?

Here is their view, courtesy of eFXdata:

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

“We note that last Friday’s close above the horizontal resistance around 111.95 is bullish suggesting further strength towards the target around 113.15 as a result of the completion of the falling wedge pattern around 110.60 at the end of August.

However, today’s price action looks toppish, suggesting a better buying opportunity within the next few days before moving higher. Short-term support comes in at the slowly rising MA-50 line at 111.37. We recommend buying the dips,” ING argues. 

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