USDJPY (113.98): The USDJPY fell to a 5-day low yesterday, but price action managed to pullback subsequently. The currency pair continues to consolidate near the resistance level of 114.05 – 114.31 level. The rising wedge pattern remains in pay on the daily chart. On the 4-hour chart, USDJPY was seen breaking the minor rising trend line with today’s price action retracing the losses. As long as the trend line acts as dynamic support, USDJPY could be seen pushing lower towards the 113.00 handle.
