According to Karen Jones, analyst at Commerzbank, USD/JPY has reached the second, more important, downtrend from 2018 which lies at 110.14, which should hold the topside and while it holds, we will maintain an overall longer term bearish bias.
“Failure at 107.65 is needed to reassert downside pressure to the 106.48 October low and the 105.00 region.”
“Only on a weekly chart close above the 2015- 2019 downtrend line at 110.24 would we question our bearish bias and introduce scope to114.55, the 2018 high.”
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