USDJPY (111.28): The USDJPY currency pair has retraced the gains after rallying to 112.04 level. The current declines has pushed the currency pair to test the previously established resistance level for support at 111.21. If this support holds, the USDJPY could be seen revering the declines and attempt to push higher. However, as long as the previous highs are not breached, the currency pair could remain range bound showing weakness to the upside.
