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Karen Jones, Analyst at Commerzbank, suggests that the USD/JPY remains bid near term while above the base of the cloud at 112.16.

Key Quotes

“Looking for a retest of the 114.07 resistance line and then the 114.55 October high which is starting to look exposed – we note the confirmed buy signal on the DMI index.”

“Above 114.55 would target the 115.60 61.8% Fibonacci retracement and this represents very tough overhead resistance.”

Short term trend (1-3 months): Remains overall bid above the May low at 108.12.”