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Occasional weakness in the pair is regarded as buying opportunities, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY has recently eroded the 200 day ma at 110.20, the 110.48 2 nd February high, 55 week moving average and the 2017-2018 downtrend. This has cleared the path to the 112.12 2015-2018 downtrend. We note the 13 counts on the intraday charts and will attempt to buy the dips”.

“Initial support lies at 109.74 – the accelerated uptrend – ahead of the recent low at 108.65 (4 th May low) and the 107.90 mid-February high”.

“Below 107.90 will alleviate immediate upside pressure for a slide to the 55 day ma at 107.37. This guards the 106.21 base of the cloud and then the March low at 104.56″.