In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, rallies in the pair could find strong resistance in the 116.60/117.50 band. Key Quotes “USD/JPY has eroded support circa 116.30/115.50 and sold off towards the 114.03/113.97 base of the weekly cloud and the 23.6% retracement of the move from 2012”. “This should hold the initial test however intraday rallies are indicated to struggle 116.60/117.50. This guards the 121.70 recent high”. For more information, read our latest forex news.