USD/JPY to head towards 114.55 on a break above 112.23/50 – Commerzbank

USD/JPY has held the initial test of the 111.66 July high. Karen Jones, expects the pair to erode this level and challenge the 112.23/50 region.

USD/JPY targets 112.23/50

“USD/JPY has rallied to and tested the July high at 111.66. This may provoke a minor dip back ahead of further gains to the more important 112.23/50 zone, which represents highs since 2019.”

“The USD/JPY pair may take a couple of attempts to clear the 112.23/50 resistance zone, but above here will introduce scope to 114.55 the October 2018 high.” 

“Dips lower are indicated to hold in the 111.10/110.70 bracket.”