FXStreet notes that yen weakness is seen across the board. Nonetheless, the USD/JPY pair posted a Key day reversal which points to stabilization, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, says.

“USD/JPY slipped below the 109.07 July low but managed to level out above the 108.56 late May low by making a key day reversal at 108.73 yesterday, pointing to short-term stabilization.”

“Minor resistance comes in along the 55-day moving average at 110.02 and is currently in focus.”

“Only a drop through 108.56 would engage the 107.48 April low.”