USDJPY (110.22): The USDJPY managed to post strong gains for a second consecutive day. Price action briefly rallied to a 6-day high at 110.85 yesterday before slightly easing back below the resistance level of 110.80. On the 4-hour chart, the trend line break has signaled a strong move to the upside. However, lack of a retest of the breakout levels suggests some downside risk. A retest to 110.17 is, therefore, quite likely. However, if we get to see a reversal here, USDJPY could be seen pushing higher.
