According to Karen Jones, analyst at Commerzbank, USD/JPY pair has failed to maintain a break above the 200 day MA at 111.41 and is now downside corrective near term.

“The market has eroded the 20 day MA and near term uptrend and we will have to allow for a deeper retracement to the 55 day MA and the 2 month uptrend at 110.00/109.87, which should hold for an upside bias to be preserved. Immediate resistance is 112.23, the 6 th December low, the 112.43 55 quarter moving average and recent high at 113.71. We have a 5 month resistance line also at 113.14.”