Yen Remains Positive above 108.55
The USD/JPY pair has recovered, bouncing off the 108.55 support level. Analyzing the pair’s future trajectory, specialists expect it to stabilize before heading for the March top at 110.97.
Last week, USD/JPY touched and then rose over the support level at 108.55. Although it did break the peak level of 109.86 reached on April 9, the pair did not manage to close any trading session above this mark. Now analysts await some strengthening on the part of USD/JPY, predicting that then it will test the 110.97 level, which is Match high, and the 111.13/38 level, a low hit in October 2018. This level is also a peak visited in mid-February 2019. Overall, the yen is viewed as positive above the 108.55 pivotal level.
The medium-term target that investors foresee for the USD/JPY pair is 112.23/50. This range simultaneously represents the top reached in April 2019, the 2020 high, and a long-term Fibonacci retracement.
