FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests that USD/JPY is set to remain under pressure below 110 and see a dip to the 108.73 recent low.

“USD/JPY is seeing a small rebound near-term, but as this has made no impact on resistance so far, we maintain a negative bias.”

“We look for a retest of the 109.07 and 108.73 recent lows.”

“A drop through 108.56 (end of May low) would engage the 107.48 April low.”