According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot remains headed towards the 106.60 area. Key Quotes “USD/JPY remains on course for the 106.63/38.2% retracement of the move up from 2012”. “In this vicinity we also find the 200 month ma at 105.87 and we suspect that the market will attempt to stabilise here”. “We note the TD perfected set up on the 240 minute chart and would allow for a rebound near term”. For more information, read our latest forex news.