USDJPY (109.78): USDJPY is likely to resume its bullish trend following Friday’s retest to the support level at 109.65. This was the level from which USDJPY broke out from the falling trend line. With price not quite testing the resistance level at 110.72, we could expect a breakout from this level. A convincing close above 110.72 will keep the bullish bias intact as USDJPY will now be targeting 113.00. To the downside, failure to hold above 109.65 will keep USDJPY consolidating with the potential to retest the 109.15 support.
