USDJPY (111.28): USDJPY has been trading subdued with a lot of consolidation taking place at the 111.21 level. Price action remains flat in the short term as the USD attempts to test the next main resistance level at 111.69. Price needs to break past this level and above the previous highs to maintain the bullish momentum. However, failure to do so could signal a possible move to the downside. A break down below the lows of 110.93 could signal a move towards the 109.74 region in the medium term.
