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Karen Jones, analyst at Commerzbank, suggests that USD/JPY pair has sold off to and so far reversed from the 104.51/10 January low and the 2013-2019 uptrend and this support is reinforced by the 200 month ma at 104.44.

Key Quotes

“Interim resistance is the 107.21 18th July low and the market remains capped here, a recovery above here is needed to alleviate immediate downside pressure. This guards the 108.99/109.32 recent highs.”

“Failure at 104.10 would target 99.00 the 2016 low, but for now we would allow for consolidation and look for the market to hold circa 104.50/10.”