USD/JPY set to rise towards the 110.97 March high on a break above 109.96 – Commerzbank

USD/JPY saw a decent rebound off the 108.50 uptrend last week. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to reach the 110.97 March high once above the 109.96 April 9 high.

Break below uptrend at 108.50 to alleviate upside pressure

“USD/JPY last week eased back to and recovered from the 2021 uptrend at 108.50.” 

“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 108.50 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.”