USDJPY (113.48): The USDJPY continued to post declines following the doji reversal formed above the 114.00 handle. The downside breakout below 114.00 suggests a near term retracement. Price action is expected to test the lower support level at 113.00. However, if price fails to find support at this level, we can expect further declines to push USDJPY towards the 112.00 region. In the near term,however, USDJPY could be seen maintaining the range within 114.00 and 113.00.
