USD/JPY: A Decline Below 112.23 To Confirm Selling Pressure But Downside Likely Limited

ING discusses USD/JPY technical outlook and maintains a downward bias on a multi-day basis.
"The recent trend change below the MA-50 line at 113.09 and the underlying trend line around 112.95 is suggesting short-term selling pressure. However, we believe that the short-term downside is limited. A decline below yesterdays low at 112.23 will confirm the selling pressure.
Solid short-term support comes in between the horizontal line around 111.70 and the rising EMA-200 line at 111.57. From here we are expecting the next rally in building a larger top formation," ING argues.