USD/JPY: Break above August high at 110.85 to trigger gains to the 111.66 July high – Commerzbank

USD/JPY is right at the top of its range. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to break above the 110.85 August high.

See: USD/JPY to erode resistance at 110.80 towards the 111.00/20 zone – OCBC

USD/JPY to head back into the range 109.10-110.85 on failure at 110.85 

“USD/JPY saw a strong rebound last week from the 109.12/07 lows and is very bid in its range.”

“The market looks set to tackle the 110.85 August high and above here should trigger gains to the July high at 111.66. This guards the more important 112.23/50 zone, which represents highs since 2019.”

“Failure at 110.85 is likely to see the market head back into the range 109.10-110.85.”