USDJPY (110.82): The USDJPY currency pair gapped lower on Monday but price action managed to close with some gains. Price action was seen retracing back to the breached support level around 111.13 – 110.85 regions. A breakout above this level is required in order for USDJPY to post further gains to the upside. Alternately, failure to break past this price level could signal further downside bias. The next lower support is seen at 109.45 which could be tested in the near term.
