USD/JPY bullish above 110.27 – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s stance remains bullish while above 110.27.

Key Quotes

“USD/JPY reached the 113.80/114.87 resistance area which consists of the mid-February-to-March highs. This we expect to cap so that the late May 111.45 high and also at the 110.27 November 22 low may be revisited”.

“While above 110.27 immediate upside pressure should be maintained, though”.

“Above 114.87 sits the 115.97 January low”.