USDJPY (110.01): The USDJPY continued to trade within the range of 110.80 where resistance has been formed and the support at 109.58. The sideways price action does signal a near-term breakout off these levels. Price action so far suggests a sideways movement on the daily and higher time frame charts. The falling trend line will be a key indicator as USDJPY is showing signs of turning flat near the support of 109.85. An upside breakout from the trend line could see further gains back to the resistance level of 110.81.
