USDJPY (111.49): USDJPY has posted strong gains in the past few sessions. The gains saw prices rallying to recover above the 111.00 resistance level. Having cleared this level, USDJPY could be seen aiming for further gains. However, we expect to see some short-term declines in the process. Any near-term dips are likely to be supported near the 111.00 level where the unfilled gap from Monday’s open is likely to be tested. A decline below 111.00 could however push prices lower to test the breakout level from the falling median line.
