Analysts at Scotiabank explained the technical conditions surrounding USD/JPY. Key Quotes: "The MACD has turned bullish and the RSI appears set to make a near term break above 50. The 9 day MA (112.59) has been breached, shifting the focus to the 21 day MA around 113. We look to further gains and anticipate a test of resistance in the 114.50-115 range. Such a break would open up the potential for a rally to 117.50 and 120." For more information, read our latest forex news.