USDJPY (109.21): The US dollar turned weak against the yen earlier today as theprice was seen pushing lower to test the familiar support level at 109.15. However, there is scope for an upside bounce as long as the support level is not breached and USDJPY manages to find support on a retest of the trend line that was breached recently. USDJPY could remain range bound within 110.72 – 109.15 levels in the near term. With the support at 109 regionstrongly being tested, the bias could be to the upside. However, expect further declines in the event that the 109.15 support is breached on a daily basis.
