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The 108.39 200-day moving average has been eroded and the USD/JPY heads now to the 109.38 April high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs. UOB Group is expecting a jump above 109.00 as well.

Key quotes of Commerzbank

“USD/JPY has jumped above the 200-day ma at 108.39, and the break higher targets the 109.38 April high then the 110.05 55-week ma and the 2017-2020 resistance line at 111.54. The 111.71/112.23 February and March highs add weight to this resistance.”

“Near-term dips lower should remain contained by the recent low at 107.06 for an immediate upside bias to be maintained.”