Home USD/JPY: Looks Toppish Today; Better Buying Opportunities On Dips Next Few Days – ING
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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 Fridays 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, todays 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.  

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Yohay Elam

Yohay Elam

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 a 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.