USDJPY (114.00): The USDJPY continues to trade near the major resistance level of 114.31 – 114.00 region. The sideways price action could signal a major breakout in the near term. On the 4-hour chart, we notice the inverse head and shoulders continuation pattern taking shape. Neckline resistance is formed at 114.24 which could be breached in the short term. This could put the upside bias in USDJPY towards 115.00 in the near term. However, failure to breakout above 114.24 resistance could mean that USDJPY will maintain the sideways range in the near term.
