Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair’s decline to find support in the 112.00 area. Key Quotes “USD/JPY has again sold off to confirm that this is a top and introduce scope to the 106.63/38.2% retracement of the move up from 2012 and the 105.40 2014 high”. “We have a Fibonacci extension at 112.00 and this may hold the initial test. Rallies should now struggle 113.90/115.00”. For more information, read our latest forex news.