USDJPY (109.97): The USDJPY currency pair posted strong declines following the retest of the resistance level at 110.62. The declines are likely to continue with a retest of the major trend line which could offer some short term support. A breakout below this major trend line could keep the USDJPY currency pair biased to the downside. Support at 109.57 – 109.43 is the next downside target. However, with the Stochastics oscillator signaling a possible reversal, we could expect to see a lower high being formed ahead of further declines.
