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Following the recent price action, there could be scope for USD/JPY to advance to the 105.64 level, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

USD/JPY has recently eroded the 10 month downtrend. This has introduced scope towards the 200 day ma at 105.64. The 55 week ma lies at 106.43. We have for now neutralised our longer term view. In order to adopt a more positive stance longer term the market will need to regain the 55 week ma. Bear term we are positive.”

“Dips should find support at 103.33, the 21st  January low and has a small support line at 103.73.”