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Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair has charted a key day reversal and they are looking for further weakness.

Key Quotes

“Focus has shifted to the 20 day ma at 109.80 and this guards the base of the channel at 109.05. Most of our signals remain negative and we continue to favour failure. The base of the channel at 109.05 guards the 107.75/50 band.”

“Resistance at 111.38/41, the 26th October low, guards 112.23, the 6 th December low and the top of the range at 113.84.”