USD/JPY to gun for key resistance at 112.23/50 – Commerzbank

The US dollar is in new highs for the year versus the Japanese yen. The pair targets the 112.23/50 resistance zone, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Dips lower to hold in the 111.35/110.90 bracket

“USD/JPY has eroded the July high at 111.66 and is well-placed to challenge the more important 112.23/50 zone, which represents highs since 2019. This may take a couple of attempts to clear, but above here will introduce scope to 114.55 the October 2018 high.”

“Dips lower are indicated to hold in the 111.35/110.90 bracket.”