USD/JPY: A rise above 111.13/38 would target 112.23/50 – Commerzbank

USD/JPY remains pressured around 110.50. Nonetheless, the pair is set to target the 112.23/50 region on a break above the 111.13/38 resistance zone, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Positive above the 108.56 late May low

“USD/JPY continues to consolidate near term just below the 111.13/38 October 2018 low and mid-February 2019 high.” 

“The pair stays bid while above the 2021 uptrend line at 109.97.”

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

“The cross should maintain an overall positive bias above the 108.56 late May low.”