The vertical rise in USD/JPY extends into a sixth consecutive session on Wednesday and the pair now targets the 111.13/38 price zone, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
See: USD/JPY to move downward as US yields set to curtail its gains – Rabobank
“USD/JPY’s strong rally has already taken it above the late July 2018 low at 110.58 and thus targets the 111.13/38 October 2018 low and mid-February 2019 high. Further up beckon the 112.23/40 April 2019 and February 2020 highs.”
“Slips should find support around the 109.36 mid-March high.”
“We will retain our overall bullish forecast while the cross stays above the March 10 and 23 lows at 108.41/34.”