USDJPY (111.58): The USDJPY, after a brief consolidation near 111.21 is extending the gains to the upside. Price action is close to test the previously breached support at 111.70 level. Establishing resistance at this level could potentially see the currency pair reversing direction. In the near term, USDJPY could trade sideways within 111.70 and 111.21 levels. A downside breakout will accelerate the declines toward 109.74 level of support.
