USDJPY (109.25): The USDJPY was seen slipped back with price action briefly falling to a 4-month low over the past two days. The daily chart shows an inside bar formation as a result, and a breakout from this level could establish the short term direction in the currency pair. Although USDJPY slipped below 109.08, the price has managed to rebound back above this level. This could potentially suggest some upside in price. Previous resistance at 110.72 remains the upside target, although the potential for a continued decline cannot be ruled out.

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