USDJPY (113.57): USDJPY managed to rally back to the resistance level on Friday but closed on a bearish note. Price action remains consolidating within the rising wedge pattern on the daily chart. This suggests a potential breakdown to the downside. Initial support is found at 110.70 followed by a test towards 108.26 eventually. On the 4-hour chart, initial support is seen near the price level of 113.00 that could offer some short-term support. However, following this bounce, we expect further declines to be extended towards 110.70.
