USDJPY (110.79): The USDJPY currency pair closed below the support level at 111.13 – 110.85. The declines came on the back of a failure to close higher, following a brief retest of the support level. The move to the downside is expected to send the USDJPY lower. In the medium-term, we expect the declines to potentially push prices to test the lower support at 108.74 initially. However, with price action testing the 50-day moving average, we could expect some short-term support to hold the declines.
