USDJPY (109.63): The USDJPY was seen bouncing off the price level near 109.15. Price action has been showing strong consolidation at this level for the past five trading sessions. This could suggest a near term breakout to the upside. However, resistance at 110.72 is likely to cap any gains. USDJPY could, therefore, be seen trading within the current range of 110.72 and 109.15. The newly drawn falling trend line will be in focus as a breakout above this level is required to maintain the gains.
