USDJPY (111.45): USDJPY posted a recovery as price action turned bullish yesterday. Closing above the 111.00 level of support, further gains could be expected if USDJPY manages to find support near 111.00 on a dip. We expect that the currency pair will target the next upside resistance at 111.61 region. The main test of resistance will be seen at 112.00 which previously served as support and was eventually breached. A break out above 112.00 could signal further gains in the medium term. However, for the moment, USDJPY could remain below the 112.00 resistance level upon successfully retesting this level.

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