There is room for the pair to surpass the key 107.90 region, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.
“USD/JPY has gotten close to the late February high at 107.91. A break above here is still likely over the next few days and will trigger gains to the 50% retracement at 108.98 and the top of the cloud at 109.32. Dips lower will find initial support at the 106.98 55 day ma and the 105.66 current April low”.
“Below the March low at 104.56 would introduce scope to 103.22, then 100.69 (Fibonacci retracements). This is not favoured”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.