USDJPY (109.41): The USDJPY posted strong gains yesterday rising to a three day high and clearing above the price level of 109.15 which has acted as support so far. Currently, the weakness in the currency pair is seen pushing USDJPY lower back to 109.15. A rebound off this level could, however, keep the bias to the upside. The resistance level of 110.72 remains in focus currently as long as the support is held. In the event that USDJPY fails the support once again, we could expect to see the current ranging price action to continue.
