USD/JPY is approaching the 114.55 2018 high. While the pair may lose its bullish momentum here, in the long run, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects USD/JPY to hit the 117.06 1998-2021 resistance line.
See: USD/JPY set to race higher towards 2017 highs at 118.62 – Credit Suisse
USD/JPY targets 114.55 then 115.60
“USD/JPY remains extremely bid above its accelerated uptrend at 112.05 and will shortly encounter the 114.55 October 2018 high, where we may see some profit-taking.”
“Longer-term we have 115.60, the 61.8% retracement of the move down from 2015 and then the 117.06 the 1998-2021 resistance line.”
“The accelerated uptrend guards 110.80 the mid-August high.”