FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could slip lower to test the 120.85 level. Key Quotes “USD/JPY remains on the defensive following failure at the 122.20 support”. “The intraday Elliott wave counts are suggesting rallies to 122.20 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.