FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair’s upside could face initial resistance around 118.15/40. Key Quotes “USD/JPY is seeing a near term rebound from the 2014-2016 support line at 116.49 and the 116.15 August 2015 low”. “This is a critical band of support for the market and we would allow for this to hold the initial test”. “Rallies will find initial resistance circa 118.15/40, the 23.6% retracement and the 13th January high”. For more information, read our latest forex news.