USDJPY (111.54): The USDJPY currency pair extended gains briefly, rising to highs above 112.00. However, the gains quickly disappeared as the currency pair gave up the gains. Still, with the USDJPY trading above the major trend line, we expect the gains to hold in the near term. Price action is likely to consolidate near the current levels with the resistance level at 112.28 likely to be tested in the near term. A break down below the trend line could see the previous support level coming into the picture.
