USDJPY (109.34): The USDJPY recovered sharply off the support level at 109.15 – 108.26, rising to post a 4-day high. In the near term, USDJPY could be seen falling back to retest the support level at 108.64 – 108.26. Establishing support here could shift the bias to the upside with price action likely to push towards 111.00. Alternately, to the downside in the event that the support fails, we could expect USDJPY falling back to the previous lows formed near 107.60.
