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The USD/JPY pair remains capped by the 200-day ma at 108.38 and maintains a neutral-to-bullish stance, according to Commerzbank’s Karen Jones. UOB is also neutral on the pair.

Key quotes

“USD/JPY is holding below the 200-day ma at 108.36, initial resistance remains its May high at 108.08. The market stays neutral to positive above 106.74 May 13 low.” 

“To reassert downside pressure the market will need to slip below 105.98, the current May low, to retarget 104.46, the August low, and this guards the 101.80 March trough.”