USDJPY (113.16): The USDJPY remains tightly range bound with price action see testing the upside resistance at 113.00 in the past few sessions. Still, USDJPY has been posting a consolidation that could signal a possible breakout. With the Japanese elections due over the weekend, we could expect to see a breakout emerging by Monday’s open. Price action needs to post a convincing close above 113.00 in order to validate any further gains to the upside. Thus, there is a strong chance that USDJPY could push back and close within the range of 113.00 and 112.04.
