FXStreet (Edinburgh) - Occasional bullish attempts in the pair should find strong resistance in the 115.80/116.80 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “USD/JPY there is no doubt that recent price action has been damaging. It has completed what looks like a head and shoulders top”. “However I need more convincing before I jump into the bear camp – we have also 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 115.80/116.80. This guards the 121.70 recent high”. For more information, read our latest forex news.