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The pair’s stance remains bid and it could move higher to the 114.70 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY remains bid and we look for further gains to the 114.74 recent high. Above 114.74 would target 118.66, the December 2016 high. It is under pinned by the 55 day ma and cloud support – nearby support is the 112.36 55 day ma ahead of cloud support at 111.91. Failure at the cloud support (111.91) would target the 109.77/95 200 day ma and August low”.

“If the 109.77 level were to give way (August low), the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91″.