ING discusses USD/JPY technical outlook and adopts a bullish bias on a multi-days basis against a daily close back below 111.75.
“The daily chart shows a successful test of the solid and crucial support area between the horizontal line around 111.95, the MA-50 line at 111.88 and the long-term underlying trend line around 111.75. This suggests we should be prepared for the next rally, confirmed by a close above yesterday’s high at 112.24.
A close above the horizontal resistance area 113.15 is required to expect a test of the overhead horizontal resistance area 114.45-115.50.
Each close below the underlying trend line around 111.75 will violate our short-term bullish set-up,” ING argues.