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In light of the recent price action, the pair is now focused on 114.74, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY has eroded the 20 day ma at 112.62, and taken out the 112.89 222nd October high to reassert upside pressure. It has also regained the 113.18 mid July high and we look for a rally to the 114.74 recent high. Above 114.74 would target 118.66, the December 2016 high”.

“Near by support is the 112.12 55 day ma ahead of cloud support at 111.47. Failure at the cloud support (111.47) would target the 109.77/87 200 day ma and August low”.