USDJPY (109.42): The USDJPY gave up the gains from a previous couple of days. Price action was seen falling back to the 109.58 support. A recovery off this level is required in order for any potential upside in USDJPY to be realized. Currently, prices are seen trading below the 109.58 support. The potential inverse head and shoulders pattern is still in play but could be at risk of invalidation. Thus, a daily close above 109.58 is essential to confirm the upside. A bearish close below 109.58 will suggests a retest back to the previous lows.
