Technical studies could allow a rebound to the 115.80/117.30 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “USD/JPY – no change. The market is holding just below the 115.07, 38.2% retracement of the move down from the February peak and we favour failure here”. “However the Elliott wave count on the daily chart is pointing to a deeper recovery into the 115.80/117.30 band and we are unable to rule out a deeper corrective rebound at this juncture”. “The previous low at 115.97 (20th January) should now act as nearby resistance and the market will stay offered below here”. For more information, read our latest forex news.