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According to Karen Jones, analyst at Commerzbank, USD/JPY pair has eroded the 55 day ma and the 2 month uptrend at 110.25/33 and the sell-off looks to be corrective but so far is complete.

Key Quotes

“The next corrective ‘target’ is the 38.2% retracement at 109.06 and there is scope for the 50% retracement at 108.11. The base of the cloud lies at 108.90.”

“Immediate resistance is 111.45 200 day ma, the 112.13 March high and 112.23, the 6th December low, the 112.43 55 quarter moving average and recent high at 113.71. We have a 5 month resistance line also at 113.01.”