In view of Karen Jones, analyst at Commerzbank, USD/JPY continues to creep slowly higher, its recent new low of 105.05 was not been confirmed by the daily RSI.

“We suspect that the market has based just ahead of the 104.48/10 January low and the 2013-2019 uptrend. Interim resistance is the 107.21 18th July low. A negative bias remains entrenched while capped by the 108.99/109.32 recent highs. Failure at 104.10 would target 99.00 the 2016 low, but for now we would allow for consolidation. We look for the market to remain capped by its 111.62 2015-2019 downtrend. Only above here would target the 114.55 October 2018 high.”