According to Karen Jones, analyst at Commerzbank, USD/JPY has eroded the 107.81 5th June low and is back under pressure.

“While the market is capped by 108.99 we will maintain a negative bias. The 107.81 5th June low should act as a near term break point to the 106.78 recent low. Our short term target is 105.87, the 78.6% retracement of the move seen this year. Minor resistance lies at the 109.02 mid-May low and also at the 110.84 April 10 low and the 110.75 200 day moving average. These guard the 2015-2019 downtrend at 111.94. We look for the market to remain capped by its 112.01 2015-2019 downtrend. Only above here would target the 114.55 October 2018 high.”