USD/JPY is approaching the March 2017 high at 115.51. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to move slightly lower on Thanksgiving Day. However, USD/JPY targets the 119.41 mark in the long run.

Nearby support below 113.92 lies at 112.73/112.56

“USD/JPY is pushing slowly higher, directly overhead lies the March 2017 high at 115.51 as well as the 115.60 61.8% Fibonacci retracement of the move down from 2015 being in focus and for now we will cover our remaining longs.”

“Above here is the 117.56 level, the 1998-2021 resistance line and 119.41, the downtrend from 1975.” 

“We have a near-term uptrend at 113.92. Nearby support below 113.92 lies at 112.73/112.56, then the 111.66 July high which should hold the downside.”