USD/JPY to target the 110.97 March high – Commerzbank

The US dollar is recovering near-term. Subsequently, the USD/JPY pair has staged a decent rebound off the 108.37 uptrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is closely monitoring the 109.96 April 9 high as a break above here would open the way towards the 110.97 March high.

Positive above the uptrend at 108.37

“USD/JPY has eased back to and seen a decent rebound from the 2021 uptrend at 108.37. 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 108.37 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.”