USDJPY (112.64): The USDJPY has been seen maintaining the gains near the falling trend line as well as the horizontal resistance level of 112.88. Failure to post a convincing close above this level is expected to keep the bias to the downside. Support is found at 111.74 which could be tested in the near term, followed a decline to 111.00 – 110.88 level of support. In the short term, USDJPY could be seen maintaining the sideways range within these levels. A breakout below 111.00 support area could, however, signal further declines in price.
