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The 106.92 mark is viewed as an interim low for the USD/JPY pair and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, predicts a recovery.

Key quotes

“We continue to regard the 106.92 recent low as an interim low. We favour recovery and look for a retest of the 111.88/112.23 February high and 2017-2020 down channel, which we suspect will again hold. 

“Initial support is the 108.31 accelerated uptrend and the 106.92 1st April low. A slide back below 106.27, the 50% retracement, is required to alleviate immediate upside pressure for focus to revert back to 104.46, the August low.”