Karen Jones, analyst at Commerzbank, suggests that the USD/JPY is probing its 200 day ma at 111.48, and continues to remain underpinned by cloud support at 110.30 and its 3 month uptrend at 110.55, it is bid above here.

“It is probable that we have based at 109.70. However rallies face some dense overhead resistance offered by the 200 day ma and downtrend at 111.48/57 and the 112.13 March high. Here we also find the 112.43 55 quarter moving average and the 112.86 2015-2019 downtrend. The 109.70 low guards the 38.2% retracement at 109.06 and there is scope for the 50% retracement at 108.11. The base of the cloud lies at 108.81.”