USDJPY (109.96): The USDJPY currency pair attempted to rise to highs near 110.26 before the U.S. dollar gave up some of the gains. We expect the minor declines to push the currency pair back to the 109.57 – 109.43 level of support which was previously tested. As long as the support holds, USDJPY could be seen targeting the next main resistance of 110.62. However, in the event that the currency pair fails to hold the support level, further declines could push USDJPY lower toward 108.90.
