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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s downside pressure should be mitigated above the 112.66/89 band.

Key Quotes

USD/JPY has rebounded and is probing the 20 day ma at 112.66, bottom of the range is cloud support at 111.47. Rallies need to regain initial resistance offered by the 20 day ma at 112.66 and the 22nd October high at 112.89 to alleviate downside pressure. This guards the 114.74 recent high. Above 114.74 would target 118.66, the December 2016 high”.

“Failure at the cloud support (111.47) would target the 109.77/85 200 day ma and August low”.