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According to Axel Rudolph, analyst at Commerzbank, USD/JPY pair has now overcome the mid-August high at 106.98, a daily chart close above which has confirmed a bottoming formation with the July and August highs at 108.99/109.32 thus being in focus.

Key Quotes

“En route are the July 3 low at 107.54 and the early June low at 107.81. Minor support sits at the 105.74 current September low. Good support below the 105.74 low can be spotted between the midand late August lows and the 200 month moving average at 115.05/104.38.”

“Further down sits the January low at 104.10.”

“Failure at 104.10 would target the 2016 low at 99.00.”