USDJPY (109.18): The USDJPY continues to consolidate around the support level of 109.15. The currency pair fell back to this level after earlier attempts to bounce off this level faded. The support level at 109.08 thus continues to remain a strong level of support. To the upside, USDJPY will be looking towards targeting the resistance level at 110.72. However, the potential for a downside breakout in prices could formalize. Below 109.08, USDJPY could initially slip towards 109.00 followed by further declines depending on the daily close.
