USD / JPY has hit one-year highs and the pair is targeting April 2019 and February 2020 highs at 112.23 / 40, notes Karen Jones of Commerzbank Research.
Key statements:
“USD / JPY has risen to one-year highs, but appears to be stagnant ahead of the October 2018 low and February 2019 high at 111.13 / 38.”
“You have to consider that we have a second count of 13 and a TD resistance at 111.09. Above, the April 2019 and February 2020 highs appear at 112.23 / April 40. Some caution is necessary. “
“The declines will find initial support at the June 2020 high at 109.85 and at the mid-March high at 109.36“.
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