USDJPY (109.38): The USDJPY also recovered from the lows of 108.49 and managed to close on a bullish note for the day. Price action however remains doubtful for further gains to the upside. The resistance level at 110.70 could be seen capping the gains in the short term, while to the downside, a retest of the support at 108.26 could be likely. In the near term, we expect USDJPY to maintain a sideways range within these levels. A higher low off the current rebound on the 4-hour chart could indicate a near term rally to 110.44 – 110.34 level.
:%20The%20USDJPY%20also%20recovered%20from%20the%20lows%20of%20108.49%20and%20managed%20to%20close%20on%20a%20bullish%20note%20for%20the%20day.%20Price%20action%20however%20remains%20doubtful%20for%20further%20gains%20to%20the%20upside.%20The%20resistance%20level%20at%20110.70%20could%20be%20seen%20capping%20the%20gains%20in%20the%20short%20term,%20while%20to%20the%20downside,%20a%20retest%20of%20the%20support%20at%20108.26%20could%20be%20likely.%20In%20the%20near%20term,%20we%20expect%20USDJPY%20to%20maintain%20a%20sideways%20range%20within%20these%20levels.%20A%20higher%20low%20off%20the%20current%20rebound%20on%20the%204-hour%20chart%20could%20indicate%20a%20near%20term%20rally%20to%20110.44%20-%20110.34%20level.){kind=link}