USDJPY (109.81): The USDJPY failed to breakout past the 110.80 resistance level. This resulted in some downside in prices. Currently, USDJPY is seen retesting the previous lows formed near 109.85 levels. This is a support level that was previously tested. We could, therefore, expect to see some reversal at this support level followed by an upside move in prices. However, in the near term, USDJPY could remain range bound within 110.81 and 109.85 levels of resistance and support.
