USDJPY (110.55): USDJPY extended the declines on Friday, closing at fresh 2-month low. Price action was seen posting a fresh two month decline earlier today before pulling back. A close above 110.80 will signal a move to the upside on a daily basis. Resistance is seen at 111.77. Currently, the price action on the 4-hour chart suggests a potential falling wedge pattern in the making. A lower high is to be expected. However, if USDJPY can establish support at 110.81, then we could see a near-term push towards 111.77.
