FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, reiterated the negative bias in spot below the 121.76/79 band. Key Quotes “USD/JPY is side-lined in a 118.60-121.80 range. This suggests a reluctance to break down”. “However it has not done enough to negate the downside effort and for now we will continue to target the 118.33 March low en route to the 2012-2015 116.62 uptrend”. “We look for this to hold the downside and provoke recovery. First, though, the 200 day moving average could be reached at 120.89”. “The market will find tough resistance at 121.76/79, the late August high and the 61.8% retracement. While capped here, a negative bias remains entrenched”. For more information, read our latest forex news.