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. 

For lots more FX trades from major banks, sign up to eFXplus

By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.


Leave a Reply

Яндекс.Метрика