FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could visit the 120.85 level. Key Quotes “USD/JPY has eroded the 122.20 support, this has put it on the defensive - the intraday Elliott wave counts are suggesting rallies to 121.90-122.25 are likely to falter”. “We would allow for losses to 120.85, the 38.2% retracement of the move up from August, and the support line at 120.08. Key support remains the 119.11 2012-2015 uptrend”. For more information, read our latest forex news.