USDJPY (113.31): The USDJPY gapped higher yesterday, but price action was seen pushing lower. The bearish close yesterday suggests some downside momentum. Support in USDJPY is seen at 113.00 level which previously served as resistance. Establishing support at 113.00 level will suggest a near term bounce to the upside. However, USDJPY will need to breakout above the previous highs established near 114.00 to extend further gains. The risk of a close below 113.00 is possible. This could push USDJPY back into the range of 113.00 and 111.74.
