USD/JPY set to fly towards the 110.97 March high and beyond – Commerzbank

The Japanese yen is back under pressure. This is reflected in the USD/JPY pair, which nears the May and current June highs at 110.20/32. The next target sits at the 110.97 March high, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Positive above the 108.56 late May low

“USD/JPY has found some minor support along the 55-day moving average at 109.24 and then revisited the 110.97 March high as expected.” 

“The 110.20/32 May and current June highs and then the 110.97 March high remain in focus. Further up sit the 111.13/38 October 2018 low and mid-February 2019 high.”

“The cross maintains a positive bias above the 108.56 late May low.” 

“Our medium-term target is 112.23/50 which represents the April 2019 high, the 2020 high and a long term Fibonacci retracement.”