USDJPY (109.48): The USDJPY currency pair was seen testing the dynamic support of the major rising trend line. While this could offer some upside support in the near term, we expect that the momentum has eased a bit. The USDJPY could potentially turn higher but form a lower high. To the downside, a breakout from the rising trend line could trigger a decline to the support level at 109.57 – 109.43 region. Establishing support at this level could keep the currency pair supported in the near term.
