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According to Karen Jones, analyst at Commerzbank, USD/JPY has seen initial rejection from the 50% retracement at 108.43 (of the move down from April) and the mid-September high at 108.48.

Key Quotes

“Resistance above here intensifies to the July and August highs as well as the 200 day moving average at 108.99/109.14, our near term goal. The 200 day ma guards the 55 and 200 week moving averages at 110.04/31. Dips lower will find a near term support line at 107.57 ahead of 106.96/94 the mid September low.”

“Failure at 106.94 may see the market extend lower towards the 50% retracement at 106.47 prior to stabilisation.”

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