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The USD/JPY pair has reached its 10-month downtrend, which is the level to beat in order to open the path towards the 200-day moving average at 105.91, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. 

Key quotes

“USD/JPY’s correction higher has now reached the 10-month downtrend at 104.38. This continues to act as the barrier to the 200-day ma at 105.91.” 

“Given last weeks key week reversal we feel that upside risk is growing and would allow for the possibility of a trend break.”

“Dips lower are indicated to hold in the 103.80/50 band.”