USDJPY (110.49): The USDJPY currency pair managed to close near the resistance level of 110.62 by Friday’s close. However, price action is likely to struggle near this level unless there is a strong close above the resistance price level. We expect to see some near term pull back in price action as USDJPY is most likely to maintain its range within 110.62 resistance level and 109.57 level of support. The fact that price action is consolidating into a rising wedge pattern suggests a potential downside break down.
