According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the USD/JPY bulls are likely to aim to test March 2017 high at 115.51.

Key Quotes:

“USD/JPY is now trading above the 115.00 mark, at levels last seen in March 2017, with the March 2017 high at 115.51 as well as the 115.60 61.8% Fibonacci retracement of the move down from 2015 being in focus. Then there is the 117.56 level, the 1998-2021 resistance line and 119.41, the downtrend from 1975. We have a near term uptrend at 113.72.”

“Nearby support below 113.72 lies at 112.73/112.56, then the 111.66 July high which should hold the downside.”

“Loss of 110.80 is needed to destabilise the chart and allow for a deeper sell-off to key near term supports at 109.07/10 and 108.73 (July and August low).”