In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a visit of the 114.00 neighbourhood. Key Quotes “USD/JPY’s correction higher is poised to reach the top of a 6 week channel at 114.02 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 initial failure here. Above here will target the 116.15 August 2015 low initially”. For more information, read our latest forex news.