USDJPY (111.45): The USDJPY extended the gains strongly on Thursday and the bullish momentum is expected to continue to push the currency pair higher in the near-term. The main resistance to the upside is seen at 112.18 on the daily chart. On the 4-hour chart, the USDJPY managed to close back above the support/resistance level of 111.13 – 110.85. Any near-term declines are likely to stall back at this level and it would confirm the upside bias in the currency pair.
