USDJPY (112.76): The USDJPY extended the declines yesterday as price action closed strongly below the support level of 113.00 region. The decline below this level signals further downside in USDJPY which could see price action extending the declines to the 112.00 level. In the near term, USDJPY could be seen consolidating near the 113.00 area as price could briefly retest the resistance level ahead of the declines to 112.00. In the event that USDJPY manages to close back higher above this level, then further gains can come by only if the U.S. dollar manages to establish support here.
