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Following the recent performance, the pair risks extra losses if 107.65 is cleared, in opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

USD/JPY was rejected by the 55 day ma at 109.15 on Friday and sold off to its 5 month support line at 108.24. This is now exposed. Failure at 107.65 is needed, however, in order to reassert downside pressure to the 106.48 October low and the 105.00 region.”

“Overhead the topside is blocked by the downtrend from 2015 which lies at 110.10. While it holds on a weekly chart closing basis, we will maintain an overall longer term bearish bias.”