The US dollar is recovering in the short term. Consequently, the USD / JPY has seen a decent bounce from the uptrend of 108.37. Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, is closely following the April 9 high of 109.96, as a break above this level would open the way to the March high of 110.97.
Positive above the uptrend at 108.37
“USD / JPY has pulled back and seen a decent bounce from the 2021 uptrend at 108.37. Attention is on the April 9 high of 109.96, which is still the barrier for the March high of 110.97 and 111.13 / 38, where the October 2018 low and the mid-February 2019 high are. “
“Below 108.37 immediate upward pressure will ease for a pullback to the April low of 107.48 “.
“Our medium-term target is 112.23 / 50, which represents the April 2019 high, 2020 high, and a long-term Fibonacci retracement.”
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