USDJPY (110.42): The USDJPY currency pair was seen attempting to breakout from the resistance level of 110.62 but failed to do so. This is expected to trigger some downside momentum. The support at 109.57 – 109.43 is most likely to be retested in the near term. Alternately, in the event that the USDJPY reverses the losses and breaks out above 110.62, further gains are likely with USDJPY expected to test a major multi-year falling trend line around the 112.00 region.
