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USD/JPY has reached one year highs and the pair targets the 112.23/40 April 2019 and February 2020 highs, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

USD/JPY is in one year highs

“USD/JPY has rallied into one year highs but appears to be stalling ahead of the 111.13/38 October 2018 low and mid-February 2019 high.” “Please note we have a second 13 count and TD resistance at 111.09. Further up beckon the 112.23/40 April 2019 and February 2020 highs. Some caution is necessary.”  

“Slips will find initial support at the 109.85 June 2020 high and the 109.36 mid-March high.”  

“Please note that the up move is underpinned by the 20-day ma at 109.41 and only below here will alleviate immediate upside pressure.”