FXStreet notes that USD/JPY is easing lower near-term as the dollar remains corrective. Karen Jones, the Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to hold off the 108.55 support.

“USD/JPY is easing lower near-term. It will find some minor support at 109.06/22 (20-day ma) ahead of the 108.55 pivot.”

“The pair looks to be consolidating ahead of the 110.97 March high and the 111.13/38 October 2018 low and mid-February 2019 high.” 

“Our medium-term target is 112.23/50, which represents the April 2019 high, the 2020 high and a long-term Fibonacci retracement.”