In view of Axel Rudolph, analyst at Commerzbank, USD/JPY pair remains under pressure following its recent key week reversal from the 112.48 2015-2019 downtrend.

“It has however sold off to an interim target at 109.70/23. This area represents the March low, the base of the weekly cloud at 109.55 and the 38.2% retracement at 109.23 and we may see some near term consolidation around here. Failure there targets the 50% retracement at 108.25 and the 107.27 61.8% Fibonacci retracement. Intraday rallies are indicated to fail around 110.10/40. Above the 112.48 downtrend will target the 114.55 October 2018 high.”