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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair keeps the upside bias while above 113.34.

Key Quotes

USD/JPY is approaching the 2017 high at 114.74, where we suspect that it may fail on the initial attempt – we note the 13 count. Minor support sits at the 113.18 July high and the accelerated uptrend at 113.34 and while above here the market is immediately bid”.

“We look for dips lower to be contained by the 111.83/58 late August high and 55 day moving average. Uptrend support lies at 111.67″.

“Above 114.74 would target 118.66, the December 2016 high”.