FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the pair could attempt a test of the 121.00/122.00 area. Key Quotes “USD/JPY once again tests the 38.2% Fibonacci retracement at 118.88, where it has so far stalled”. “Intraday dips are indicated to hold at 117.65/40 and the intraday Elliott wave count is suggesting scope for 121.00/122.00”. “Above 119.08, yesterday’s high, would allow for a deeper retracement to 119.78, then the 61.8% retracement of 120.68”. For more information, read our latest forex news.