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In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the outlook for USD/JPY stays bearish as long as the pair trades below the 105.29 level.

Key Quotes

USD/JPY came under pressure yesterday – the outlook stays bearish while it remains capped by the seven month resistance line at 105.29. Attention is on the downside and failure at 103.65, the mid-November low will target the 103.18 recent low. This guards 101.18/100.6, then 99.00, the 2016 low.”