FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s upside faces a key resistance area around 121.30/122.04. Key Quotes “USD/JPY now probes tough resistance at 121.30/122.04 offered by the resistance line, late August 2015 high, December 2014 high, March 2015 high and the 61.8% retracement”. “This remains the key break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high). It is solid resistance and it is likely to take several attempts to get through”. For more information, read our latest forex news.