USDJPY (110.78): The USDJPY currency pair was bearish on Wednesday with price action closing with an outside bar on the day. The declines send the currency pair plunging below the support level of 111.13 – 110.85 level. Failure to hold the declines at this level could trigger further losses in store. The USDJPY currency pair could be seen targeting the 109.45 level of support as a result. However, the declines are expected to be gradual with further consolidation likely to take place near the support/resistance level of 111.13 – 110.85.
