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According to Karen Jones, analyst at Commerzbank, USD/JPY’s outlook is negative following the failure at the end of last year at the 2018-2020 downtrend at 109.58.

Key Quotes

“Attention has reverted to the 108.43 December low, which is exposed. We look for losses to the 107.89 November low and then the 106.48 October low and eventually the 105.00 region. Initial resistance is the 55 day ma at 108.93.”

“On a weekly chart close above the 2015-2019 downtrend line and the current December high at 109.72/73.”