USDJPY (113.33): The U.S. dollar posted strong gains following the rebound off the 112.00 level of support. Price action remains biased to the upside especially after breaching the 113.20 level of resistance. In the near term, USDJPY could be seen pushing back lower to retest the support at 112.65 support. Establishing support at this level could signal further upside in price. However, in the event that USDJPY slips below 112.65, we could expect to see the declines pushing lower towards the 112.04 lower support.
