USDJPY (110.23): The USDJPY currency pair was seen failing to make any further gains after price action was seen trading near the resistance level of 110.62. The doji and the reversal candlestick pattern on the 4-hour chart was followed by weaker price action. We expect the downside to prevail at the moment as USDJPY is likely to push lower on the day. The support level at 109.57 is the most likely downside target while any gains are likely to be limited to the 110.62 resistance.
