USD/JPY is in new four-year highs as the pair is trading at its strongest level since March 2017 and closing in on 115.00. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes that USD/JPY could surge as high as 119.41.

Nearby support seen at 112.73/112.56

“USD/JPY has eroded tough resistance at 114.55/69, the November 2017 high and the recent high. Above 114.55/69 we have 115.60, the 61.8% retracement of the move down from 2015 and then the 117.56 the 1998-2021 resistance line and the 119.41, the downtrend from 1975.”

“Nearby support lies 112.73/112.56 then the 111.66 July high, which should hold the downside.”