USD/JPY: Weekly close above 109.36 to pave the way towards the 112.40 Februry 2020 high – Commerzbank

USD/JPY nears its mid-March high at 109.36 which is key to see an extension of the uptrend towards the February 2020 high of 112.40, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs. 

Key quotes 

“USD/JPY is holding over the recent minor lows at 108.41/34 and nears the mid-March high at 109.36. Together with the 55-month ma at 109.26 and the 2015-2021 downtrend line at 109.07 as well as TD resistance at 109.47 it offer strong resistance.”

“If exceeded on a weekly chart closing basis, the April 2019 and February 2020 high at 112.23/40 would be back in play.”

“Key support remains the uptrend at 106.34.”