USD/JPY: Key resistance eroded – Commerzbank

The USD/JPY pair has surpassed a key resistance and is heading higher without any major hurdle on the horizon, Karen Jones from Commerzbank analyzes the technical USD/JPY situation.

Key quotes

“USD/JPY has eroded the 2015-2020 downtrend and at this stage, we have to simply go with it. We ideally will need a weekly close above 110.31 to confirm the break. 

“While dips hold above 109.66 an immediate upside bias is maintained and only below the 108.67 uptrend would upside pressure abate. The move higher targets 114.55, the 2018 high.”

“Key resistance eroded, initial target 112.43/50.”