USD/JPY continues to consolidate at 110.00, as Karen Jones from Commerzbank notes. The analyst maintains a bearish bias for the pair.
“The market is underpinned by its seven month support line at 108.64 and is capped currently by the January high at 110.31. While this caps on a weekly chart closing basis, we will maintain an overall longer term bearish bias.”
“Failure at the 107.65 January low is needed to reassert downside pressure to the 106.48 October low and the 105.00 region.”