FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains bullish above the 117.86 level. Key Quotes “USD/JPY has at last broken higher above tough resistance at 121.60/122.04 offered by the October high, late August 2015 high, December 2014 high, March 2015 high and the 61.8% retracement”. “The rally has already reached 123.33, the 78.6% retracement around which we may see some consolidation”. “We note the two 13 counts on the hourly chart and dips lower are indicated to terminate circa 122.45/121.80”. “We look for dips lower to find initial support at 121.15 the accelerated uptrend ahead of the 3 month support line at 118.92. Key support remains 117.86 the 2012-2015 uptrend while above here we are bullish”. For more information, read our latest forex news.