Karen Jones, analyst at Commerzbank, suggests that USD/JPY’s correction higher appears to be over already.

“We note that the Elliott wave count is implying a deeper retracement into the 108.65/109.25 band ahead of failure but the market appears to be failing just ahead of here. We continue to look for losses to the 78.6% retracement at 105.87. Minor resistance comes in at the 110.84 April 10 low and the 111.01 200 day moving average. These guard the 2015-2019 downtrend at 112.07. We look for the market to remain capped by its 112.07 2015-2019 downtrend, only above here would target the 114.55 October 2018 high.”