USD/JPY has renewed multi-year highs above 114.00. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to hit the 114.55 October 2018 high.
USD/JPY is approaching the 114.55 2018 high
“USD/JPY has been consolidating its recent gains for two days, but is again already breaking higher. The pair remains extremely bid above its accelerated uptrend at 112.43 and will shortly encounter the 114.55 October 2018 high, where we may see some profit taking.”
“Longer-term, we have 115.60, the 61.8% retracement of the move down from 2015 and then the 117.06 the 1998-2021 resistance line.”
“The accelerated uptrend guards 110.80 the mid-August high.”