USDJPY (111.31): The USDJPY currency pair has been consolidating near the support level of 111.13 – 110.85 level. The BoJ meeting saw the dollar posting strong gains but price action is currently seen struggling to break past the long term trend line. Failure to post gains above the trend line could trigger potential declines to the downside. The immediate target to the downside comes from the support level at 109.45 region. Establishing support here could potentially signal the end of the correction to the uptrend..
