USDJPY (109.16): The USDJPY currency pair settled into a consolidation between 108.90 – 108.48 level before attempting to breakout from this tight range. The upside momentum currently is pushing the USDJPY to rally toward the next main resistance level at 109.57 – 109.43 level. If resistance is established here, we expect USDJPY to maintain the range below this resistance level. For the short term, USDJPY is likely to have formed a bottom in the near term.
