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In light of the strong rebound, the pair could now attempt a news visit of the 113.18/30 area, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY has seen a strong rebound from the 55 day moving average at 110.63. This support is reinforced by the 55 week ma at 110.23 and the 200 day ma at 110.06. We view the correction lower as over and the market resuming its up move. We look for a retest of the 113.18/30 recent high and 200 week ma”.

“The 200 week ma represents the break up point to 114.73, the November 2017 high. (Our much longer term target is the 125.86 2015 high)”.