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FXstreet.com (Barcelona) - Commerzbank analysts see the USD/JPY finally recovering ground after being held by the three month downtrend channel at 78.33 and 200-day moving average.

"While above the channel support we will assume an upside bias. Overhead lies the 55 day moving average at 79.94 and the 80.61 May high", wrote analyst Karen Jones, pointing to the need of erasing the cloud resistance at 80.30 to stabilize the market.

"Below 78.33 we have 78.13 - the 78.6% retracement which is regarded as the last defense for the 77.65 recent low", Jones added.