Karen Jones, an analyst at Commerzbank, notes that USD/JPY pair last week eroded the 2018-2020 downtrend at 109.50.

• "The market is approaching the December highs at 109.71/73 and a second more important downtrend from 2015 which lies at 110.20. These should hold the topside and while they hold, 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 110.20 (not favoured) would we question our bearish bias and introduce scope to 114.55, the 2018 high."