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The USD/JPY pair last week eroded its seven-month uptrend at 108.87 and the 200-day ma at 108.40, which is currently acting as resistance. Karen Jones from Commerzbank comments on the next points to be closely watched. 

Key quotes

“We have so far sold off to 107.00 and are currently seeing a bounce from here, which is indicated to fail in the 108.95 vicinity.”

“Below 107.00 targets the 106.48 low on the way to the 105 region. Target is the 104.10 2018 low.”

“Near term rallies are likely to find initial resistance at 109.55 55 day ma ahead of the 110.31 the 17th January high.”