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Jul 11 - 01:24 PM
USD/JPY: Indecisive S/T; Not Ruling Out A Top Formation Pending A Close Below 110.40 - ING
First appeared on eFXplus on Jul 11 - 11:15 AM

ING discusses USD/JPY technical outlook and hold the view that near-term setup could still suggest development of an important top around current levels.

"However, the daily chart also showed the completion of a large bottom formation above 110.70 in the past few days. This makes the current picture indecisive. A close below the underlying trend line around 110.40 is necessary to weaken the picture and to expect the next sell-off.

Until then, we cannot rule out the bullish scenario for a breakout above the horizontal resistance around 111.35," ING argues. 

Source:
ING Research/Market Commentary

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