FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot could see its decline picking up further pace towards the 116.15 level. Key Quotes “USD/JPY has reached the 118.06 October 2015 low. A close below here and the 78.6% retracement at 117.78 are expected to trigger losses to the 116.15 August low”. “The outlook is looking increasingly negative short term and at this stage we are unable to rule out losses back to the 114.00/113.95 zone, this the 23.6% retracement of the entire move up from the 2011 low. Please note the base of the weekly cloud lies at 113.47”. For more information, read our latest forex news.