USDJPY (113.50): The USDJPY attempted to post further gains but with price action closing with a doji candlestick pattern on the daily chart, we expect the rally to stall in the short term. The downside bias is increasing as a retest of the support level area near 113.06 – 112.90. This remains as the most likely price level that could be tested for support. Further gains can be expected after USDJPY will establish support at this level. In the event that the support level fails, we could expect to see further declines that could push USDJPY lower towards 112.04 support.
