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USD/JPY remains confined in a narrow trading band, around 107.50, as it was unable to take over the 200-DMA at 108.40, which if broken would see the pair heading towards the 109.85 June high. On the other way, the 106.00 offers solid support, per Commerzbank.

Key quotes

“USD/JPY continues to oscillate around the 55-day moving average at 107.41 while remaining below the 200-day moving average at 108.40.” 

“Above 108.40 lie the 109.85/98 June high and 200-week moving average. Directly above the 200-week moving average sit the 2017-2020 resistance line at 111.02. The 111.71/112.23 February and March highs add weight to this resistance.” 

“Good support is spotted between the May and June lows at 106.07/105.99.”