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Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair is downside corrective near term and is currently selling off to the 20 day ma at 111.01 and there is potential for the 109.82 uptrend but this should hold the downside.

Key Quotes

“Immediate resistance is 112.23, the 6 th December low, the 112.43 55 quarter moving average and recent high at 113.71. We have a 5 month resistance line also at 113.18. It is underpinned by the 20 day ma at 110.95 and the near term support line at 110.91 and this guards the base of the channel at 109.82. While above here we will assume an upside bias.”