USD/JPY has been stuck in a sideways range since 2017. The ascending trendline is an important point of reference, according to analysts at Rabobank.

Key quotes

“USD/JPY ascending trendline is currently at 110.82 and if cleared it would favour further gains towards the resistance area at 114.73/37.”

“The next important resistance comes at around 118.60.”

“The support area at 104.56/46 was briefly penetrated in the middle of March, but crucially USD/JPY ended that week of trading higher.”

“Essentially, a close below this area is required to expect retracement towards strong support zone around 100.”