USDJPY (110.69): USDJPY was seen hugging the resistance level near 110.62 by Thursday’s close. Price action remains trading flat around this level as we expect to see the currency pair potentially pushing lower. The support at 109.57 – 109.43 is most likely to be tested to the downside. Alternately, a breakout above 110.62 could keep the currency pair maintaining its bullish gains to the upside. A higher close above 111.12 could trigger further gains toward 111.37 marking the highs from mid-May.
