USD/JPY: Setting high targets – Commerzbank

USD/JPY has eroded the 2015-2020 downtrend and the move has been pretty dynamic. Karen Jones from Commerzbank takes a look at the main levels to watch in the USD/JPY pair. 

Key quotes

“We ideally will need to see a weekly close above 110.31 to confirm the break, but for now while dips hold above 109.66 an immediate upside bias is maintained and only below the 108.70 uptrend would upside pressure abate.”

“Key resistance eroded, initial target 112.43/50.” 

“The move higher targets 114.55, the 2018 high.”