USD/JPY set to move higher towards the 112.23/50 zone – Commerzbank

USD/JPY maintains a recovery off trendline support at 108.43. In the medium-term, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes the pair is set to target the 112.23/50 region.  

Positive above the uptrend at 108.43

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

“Below 108.43 will alleviate immediate upside pressure for a slide back to the 107.48 April low.”

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