USD/JPY holds off uptrend at 108.17 to introduce scope to 110.97 – Commerzbank

USD/JPY’s dive lower holds above the 108.17 uptrend. Subsequently, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a positive bias.

USD/JPY targets 110.97

“USD/JPY saw a fairly solid dive lower last week, but remained above the 2021 uptrend at 108.17 and while this holds we will continue to give the upside the benefit of the doubt.” 

“The 109.96 April 9 high remains the barrier to the 110.97 March high and the 111.13/38 October 2018 low and mid-February 2019 high.” 

“Our medium term target is 112.23/50, which represents the April 2019 high, the 2020 high and a long term Fibonacci retracement.”