USD/JPY set to target the 114.55 October 2018 high – Commerzbank

USD/JPY has reached its strongest level since December 2018 at 112.75. The pair is now expected to reach the 114.55 October 2018 peak, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Loss of 110.80 is needed to destabilise the chart 

“USD/JPY has overcome the important 112.23/50 zone, which represented highs since 2019. The break above here introduces scope to 114.55 the October 2018 high.”

“The pair stays bid while above 110.80 the mid-August high.”