USDJPY (112.55): The USDJPY managed to keep its gains for the third consecutive day. The reversal just above 110.70 level of support could see price action currently testing the previous resistance level near 112.65. In the short term, USDJPY could remain range bound within 112.65 and 112.04 levels. A breakout above 112.65 will be bullish as the currency pair could be seen rallying to the 113.20 level where the next resistance could be tested. To the downside, USDJPY could be at risk of a decline back to 111.61 level. Further declines are likely to be limited for the moment.
