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Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair is likely to post further gains, with immediate resistance at 112.23, the 6th December low, the 112.43 55 quarter moving average and recent high at 113.71.

Key Quotes

“We have a 5 month resistance line also at 113.19. It is underpinned by the 20 day ma at 110.77 and this guards the base of the channel at 109.67. While above here we will assume an upside bias.”

Long term trend (1-3 months): break of the 200 day ma opens path to the 113.71 recent high and the top of the range at 114.55/73.”