USDJPY (113.65): The USDJPY has been slowly consolidating after the decline towards 113.10 level. The brief bounce off this level suggests the sideways range that has been in play. However, we expect price action to complete the decline to the downside and thus testing the support level of 113.00 more firmly. To the upside, the declines are limited towards the resistance and support level of 113.75 region. A breakout above this level on an intraday basis could signal further upside in price that could see a potential test of resistance at 114.24.
