ING discusses USD/JPY technical outlook and maintains a bullish bias on a multi-days basis, but sees rallies towards 112.95 as a selling opportunity.

"Last week’s close above the horizontal resistance around 111.70 is confirming the bullish undertone for a test of the declining trend line of the past few months coming in around 112.65 with a short-term bullish target at 112.95. A short-term top should be expected around those levels and therefore we recommend selling the rallies," ING adds.