USDJPY (113.17): The USDJPY was seen closing on a bearish note yesterday. Price action is weaker in the early Asian trading session as price approaches the short term support level at 113.00. The initial decline to this level was met with a strong pullback. However, we expect a firmer test of support at this level. A break down below 113.00 could send the USDJPY lower towards the next main support level at 112.04. In the near term, the range at the current levels could be seen continuing, but this could change in the event of a break down below 113.00.
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