USDJPY (112.63): The USDJPY closed with a doji type candlestick yesterday. Price action has been consolidating near a long-term falling trend line for the past few daily sessions. This indicates a near-term decline to the downside. On the 4-hour chart, the rising wedge pattern remains in play although price action briefly rallied above the resistance level of 112.88. The reversal near this resistance level signals a possible downside move. Support at 111.74 remains in the picture as the likely downside target.
