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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could now target the 113.27 level.

Key Quotes

USD/JPY has taken out the 111.39/58 recent high and the 2015- 2018 downtrend, and this has introduced scope to the 200 week moving average at 113.27. (Our much longer term target is the 125.86 2015 high). Dips lower are indicated to hold 111.80/111.40 and the market stays bid above the 110.06 55 day ma”.

“Below the 55 day ma at 110.06 will target the 8 th June low at 109.20. Loss of 109.20 (8 th June low) would imply a slide back to the 108.21 29th May low and the mid- February high at 107.91″.