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USD/JPY has reached the June 2020 high at 109.85. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to continue to surge higher towards 110.30/38.

Key quotes

“USD/JPY’s rise above the June 2020 peak at 109.85 put the January 2020 high and September 2018 low at 110.30/38 on the map. Then there is the late July 2018 low at 110.58 and also the 111.13/38 October 2018 low and mid-February 2019 high.”  

“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.”