USDJPY (109.90): The USDJPY declined after failing to break past the resistance level of 110.80. Declines are likely to push USDJPY to test the lower support at 109.70 where support is currently being tested. A rebound off this level, which coincides with the trend line support would suggest some upside in prices. The USDJPY is also likely to form an inverse head and shoulders pattern on a successful rebound off 109.70. If the currency pair manages to break past the resistance level of 110.80, then the next target is towards 111.77 resistance level.
