USDJPY (114.11): The USDJPY continues to consolidate within the ascending wedge pattern on the daily chart. Price action managed to reverse the intraday loses as the greenback closed higher on the day. With theprice at resistance, this level could be breached on a strong GDP print. Failure to do so could, however, increase the downside bias in the currency pair. On the 4-hour chart, theprice has managed to recover back to the previous resistance level near 114.00. However, a retest of 113.00 which serves as initial support is expected to be tested in the short term. Only a convincing close above 114.00 could see further gains in the currency pair.
