FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook remains bullish above 122.20. Key Quotes “USD/JPY needs to hold above the 122.20 support for an upside bias to remain”. “The intraday Elliott wave counts are more negative and suggest rallies to 123.05 will struggle”. “Resistance is offered by the 123.77 the recent high. Above here will target 125.00/28 (the August high)”. For more information, read our latest forex news.