USDJPY (110.02): The USDJPY rallied to an 11-day high yesterday before closing on a weaker note. Price action remains bullish, trading above 109.15 support. In the near term, USDJPY is seen falling to the breakout level of the falling trend line at 109.75. A reversal here could signal potential upside in the US dollar. However, this needs to be followed through by a breakout of the resistance at 109.75. This will most likely give way for USDJPY to retest the next resistance level at 113.00. To the downside, in the event of a break down below 109.75, expect some consolidation up to 109.15.
