USDJPY (113.86): The USDJPY recovered the losses from Monday as price action turned bullish on yesterday’s close. Still, the consolidation above 113.00 which marks a short term support level could see the currency pair trading sideways. The bounce off this support level will see USDJPY likely to test the previous resistance level near 114.00. The short-term range looks to be formed for the moment, and a breakout from either of these levels is required to post further gains or losses.
