USDJPY (112.36): The USDJPY continues to remain trading within the range of 113.00 and 111.74. This consolidation is seen as USDJPY attempts to break past the longer term falling trend line. With the strongconsolidation posted here, the bias is building to the downside. Support at 111.74 will be the initial target followed by a decline to 111.00. However, in the medium term, USDJPY is seen maintaining the sideways price action as a result. Only a breakout from the range will establish the direction and potentially signal further gains or declines in prices.
