As the new quarter begins, the dollar remains strong, with the USD/JPY trading at 15-month highs. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, predicts that the pair is aiming for the 112.23/50 region.
“USD/JPY is at 15-month highs, probing the October 2018 low of 111.13/38 and the mid-February 2019 high of 111.13/38.”
“While above the 2021 uptrend line at 110.06, 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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