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While above the 109.94 level, the pair still targets the 113.18/34 band, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“Yesterday USD/JPY slid to between the 55 week moving at 110.23 and the 200 day moving average at 109.94 before recovering a little. While the 109.94 level underpins, we look for a retest of the 113.18/34 recent high and 200 week moving average”.

“Failure at 109.94 would target the June 8 low at 109.20. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91″.