FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that USD/JPY has seen an emphatic rejection of resistance offered by the 123.77 recent high. Key Quotes: "The slam back from here is currently holding cloud support on the 60 minute chart but for now we will take the precaution of exiting our long positions. Intraday dips lower are indicated to hold circa 121.40. The support line at 120.38 guards key support, which remains the 119.11 2012-2015 uptrend, which we look to hold. Above 123.77 will target 125.00/28 (the August high)." For more information, read our latest forex news.