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Karen Jones, analyst at Commerzbank, points out that the USD/JPY pair has at last sold off following its recent key week reversal from the 112.59 2015-2019 downtrend.

Key Quotes

“It has reached the bottom of the daily cloud at 110.31 which has so far held the initial test. Rebounds are likely to remain tepid.”

“Intraday rallies are likely to fail ahead of the 111.07 gap and this is likely to trigger losses to the 109.70 low, which guards the 38.2% retracement at 109.06 and there is scope for the 50% retracement at 108.11.”