USD/JPY: Daily Momentum Chart Indicates Scope For Testing 111.35 – ING

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USD/JPY has been quite stagnant, not going anywhere fast. When it eventually picks a direction, where will it go?

Here is their view, courtesy of eFXdata:

ING discusses USD/JPY technical outlook and notes that the daily momentum chart is still not ruling out short-term higher prices within the building of a top formation.

“Prices are hovering around the long-term falling trend line at 110.60 with overhead horizontal resistance coming in at 111.35.

A close below the long-term moving average lines is necessary to expect short-term selling pressure towards the crucial horizontal support around 108.30 with intermediate horizontal support coming in around 109.30. The rising MA-50 line comes in at 110.00 with the flat EMA-200 line at 109.76,” ING argues.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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