FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook remains bullish above the 118.39 level. Key Quotes “USD/JPY came under a bit of pressure last week following the divergence of its daily RSI”. “As of writing it is sitting right on the accelerated uptrend, which today is located at 122.74”. “Below the accelerated uptrend lies the 3 month support line at 119.43. Key support remains 118.39 the 2012-2015 uptrend, while above here we are bullish”. “Near term the recent high at 123.77 is in focus but we would allow for a slide back to the 200 day ma at 121.38 to take place while no rise above 123.77 is seen”. For more information, read our latest forex news.