USD/JPY is in 15-month highs and targeting 112.23/50 – Commerzbank

The dollar remains robust as a new quarter begins with USD/JPY trading in 15-month highs. The pair targets the 112.23/50 region, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. 

USD/JPY bid above uptrend line at 110.06

“USD/JPY is at 15-month highs and probing the 111.13/38 October 2018 low and mid-February 2019 high.”

“The pair stays bid while above the 2021 uptrend line at 110.06.” 

“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.”