FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current downside in spot could extend towards the 116.87 level. Key Quotes “USD/JPY is side-lined but also under pressure in a 118.60- 121.76 range. For now we will continue to target the 118.33 March low en route to the 2012-2015 116.87 uptrend”. “We look for this to hold the downside and provoke longer term recovery”. “Resistance above last week’s high at 120.57 can be seen along the 200 day moving average at 120.90”. For more information, read our latest forex news.