Dollar/yen is trading around 113, the highest in 6 months. What’s next? The team at ING eyes new levels.
Here is their view, courtesy of eFXdata:
ING discusses USD/JPY technical outlook and maintains an ‘UP rating and recommends buying on dips into the 111.35 breakout level.
“‘The daily chart shows a pause within the uptrend after the recent bullish break above the horizontal resistance around 111.35.
There is a target at 118.00 after completing a long-term bottom formation above 110.40, but overhead horizontal resistance comes in between 114.45-115.50 with first resistance coming in at the upper end of the rising trend channel around the 114.20 level.
We recommend buying on weakness towards the recent breakout level around 111.35,” ING argues.
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