USD/JPY set to test the recent high at 114.69 – Commerzbank

USD/JPY has climbed above 114.00 and eyes the multi-year highs it set at 114.69 in late October, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

USD/JPY is trying to reassert the up move

“Rallies are likely to find tough resistance at 114.55/69, the November 2017 high and recent high. Above 114.55/69 we have 115.60, the 61.8% retracement of the move down from 2015 and then the 117.06 the 1998-2021 resistance line.”

“Nearby support lies 112.73/112.56 then 111.90, the 38.2% and 50% retracements. The 111.66 July high is also found in this vicinity and should hold the downside.”