Around 110.50, the USD/JPY is still under pressure. Nonetheless, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports that the pair is set to target the 112.23/50 region if it breaks over the 111.13/38 resistance zone.
“USD/JPY is currently consolidating at the 111.13/38 low from October 2018 and the mid-February 2019 high.”
“While above the 2021 uptrend line at 109.97, the pair remains bid.”
“Our medium-term target is 112.23/50, which corresponds to the highs of April 2019, 2020, and a long-term Fibonacci retracement.”
“The cross should retain a bullish overall bias above the late May low of 108.56.”

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