USD/JPY: close above 114.23 to trigger additional gains - Commerzbank

Karen Jones, technical analyst at Commerzbank, maintains a near-term positive bias for the USD/JPY major and see it rising immediately to 115.62 (Jan. 19 high) ahead of 16 month resistance line at 118.04. 

Key Quotes:

"USD/JPY last week recovered from circa the 38.2% retracement at 111.98 area and the 112.02 April high. The market has eroded the Imoku 2 resistance and will need to close above here (114.23) to trigger gains to the 115.62 19th January high. A close above here is needed to reintroduce scope to key short term resistance offered by the 16 month resistance line at 118.04."