USDJPY (111.69): The USDJPY currency pair was seen falling toward the rising trend line before posting a rather strong rebound. We expect the upside to prevail as price action could potentially aim for a retest of the 112.28 resistance level. This is expected only on a close above the previous highs which could potentially build up the bullish momentum. Alternately, failure to retest the resistance level could keep USDJPY subdued with the downside bias likely to increase.
