USDJPY (110.53): The USDJPY currency maintained its declines although price posted a brief rebound. However, by the closing hours, the USDJPY eased back those short term gains. We expect that the USDJPY is on track to slip back to the 109.74 level where support could be formed. The overall price action in USDJPY remains flat within the 111.21 and 109.74 levels of resistance and support respectively. A breakout from this range should establish the near term direction of the currency pair.
