USD/JPY: Break above 109.96 to pave the way towards the 110.97 March high – Commerzbank

USD/JPY maintains a positive bias above the 107.92 uptrend. In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair is set to target the 112.23/50 neighborhood in the medium-term.

Positive above the uptrend at 107.92 

“USD/JPY remains bid above the 2021 uptrend at 107.92.”

“The 109.96 April 9 high remains the barrier to the 110.97 March high and the 111.13/38 October 2018 low and mid-February 2019 high.” 

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