USDJPY (109.42): The USDJPY closed on Friday with a near doji candlestick pattern after breaking down below 109.58. Any retracements will come only on a strong rebound back above the 109.58 levels. On the 4-hour chart, the near-term resistance level is seen at 109.70. Therefore, any meaningful retracement can be expected only on a breakout above this level. For the moment, any downside is likely to be limited to the current level which was previously tested in early June this year.
