USD/JPY: Scope to rise as high as the October 2018 high at 114.55 – Commerzbank

USD/JPY has broken up from its three-month range. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to enjoy considerable gains.

USD/JPY targets 112.23/50

“USD/JPY has broken up from its three-month range. We will simply go with it and look for a test of the July high at 111.66.” 

“The July high at 111.66 guards the more important 112.23/50 zone, which represents highs since 2019. This may take a couple of attempts to clear, but above here will introduce scope to 114.55 the October 2018 high.” 

“Dips lower are indicated to hold in the 110.60/30 bracket.”