FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s decline could test the 116.47/116.15 band. Key Quotes “USD/JPY remains under pressure and looks likely to extend losses towards the 116.47 support line and 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 113.52”. For more information, read our latest forex news.