USDJPY (112.48): The USDJPY currency pair rallied to a six month high on Friday before giving up the gains. Price action quickly reversed back to 112.28 level. As long as this minor support holds, the currency pair could be seen consolidating at the currency levels. In the event of a break down below this level, then USDJPY could extend the losses toward the next lower support at 111.13. However, the major falling trend line is expected to act as dynamic support in the short term.
