USDJPY (110.88):The USDJPY was seen pulling back following Wednesday’s strong gains. Price action has cleared the short term resistance level of 110.70 and any declines could be limited to this level in the near term. For the moment, with support being formed at the 110.70 region, USDJPY could be looking to move sideways. Resistance is seen at 111.61 – 111.51 level and further gains can be expected only on a breakout above this level. Still, the next major resistance level at 112.04 will need to be breached

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