USD/JPY(109.17):The USDJPY has remained flat despite the weakness in the US dollar. Price action continues to consolidate near the 109.15 support level, and this range is likely to be maintained in the near term. The US GDP data and Friday’s payrolls and ISM manufacturing PMI could, however, give enough boost to the USDJPY in order to breakout from this range. On Friday, USDJPY slipped back to 109.15 but managed to recover in the last trading session. The medium-term range of 110.72 – 109.15 remains intact with only a breakout from this range setting the stage for the next leg.
