USDJPY (112.23): The USDJPY attempted to push higher but price action closed with an inside bar on the daily session. The current downside breakout could signal a near term decline if the U.S. dollar manages to close bearish. In the short term, the currency pair could be seen falling back to 112.04 level of support. This marks a retest of the support level while also filling the gap from Monday’s open. The overall bias remains flat as we expect USDJPY to remain supported near 112.04. A breakout from the 112.65 and 112.04 region will potentially pave way for further gains or declines.
