USD/JPY probes the 110.82/97 resistance zone, 111.13/38 next in line – Commerzbank

The Japanese yen remains under pressure as USD/JPY flirts with two-month tops of 110.82. Next target is seen at the 111.13/38 neighborhood, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank reports.

A drop below 108.56 would alleviate immediate upside pressure

“USD/JPY revisits the 110.82 previous June high which was made close to the 110.97 March. Once bettered, the 111.13/38 October 2018 low and mid-February 2019 high would be next in line.” 

“While the currency pair stays above the June 16 and 21 lows, as well as the 2021 uptrend line at 109.80/78 immediate upside pressure, should remain in play.” 

“The cross should maintain an overall 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.”