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The USD/JPY pair retains a  negative bias while below the near-term downtrend, according to Commerzbank’s Axel Rudolph.

Key quotes

“The market has recently eroded the 50% retracement at 106.71 and attention has reverted to 104.46, the August low, and this guards the 101.80 March trough.” 

“The market maintains a negative bias while capped by its near-term downtrend at 106.88.”