According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be poised for a visit of the 110.60 area. Key Quotes “USD/JPY’s correction higher has failed at the top of a 6 week channel at 113.99 and we note the Elliott wave count is suggesting that the market will fail here”. “We will need a close above 114.88 (38.2% retracement) to confirm short term reversal. For now we would allow for further weakness and a slide to the 112.00 mid point and the 110.67 mid March low”. For more information, read our latest forex news.