USDJPY (110.64): The USDJPY has remained muted as price action is trading within the range of 111.21 and 109.74. With no clear breakout from this range, we expect price action to be consolidating within this level. The breached resistance at 109.78 remains a key level of interest in case of the downside. Establishing support here could keep the bias to the upside. Meanwhile, with the target level of 111.21 not being tested yet, there is the potential that the currency pair will maintain the upside momentum.
