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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should meet initial contention in the 110.00 area.

Key Quotes

USD/JPY is approaching the 112.21 2015-2018 downtrend. We note the 111.39 mid-January high, the 13 counts on the intraday charts and we now note the TD perfected set up on the daily chart and we are alert to the idea that this will hold the initial test and provoke a correction lower”.

“Initial support lies at 110.00 – the accelerated uptrend – ahead of the recent low at 108.65 (4 th May low) and the 107.90 mid-February high”.