ING discusses USD/JPY technical outlook and flags an indecisive picture in the near-term.

"The daily chart shows a consolidation above the EMA-200 line at 111.02, still not ruling out further gains within the longer-term uptrend, although limited. Next overhead resistance comes in between the March highs around 112.10 and the long-term falling trend line around 112.50. The momentum chart is deteriorating making the short-term outlook indecisive. A close below the EMA-200 line would suggest a short-term sell-off towards the underlying trend line and bottoming MA-50 line, both around 110.05. From here a new rally within the longer-term rising trend remains possible," ING notes.