USDJPY (108.68): The USDJPY extended declines to briefly test the lower support near 108.26. However, the quick pullback off this level indicates a further test of support. On the 4-hour chart, USDJPY was seen consolidating near the minor support level of 108.64 – 108.26. A rebound off this level can be expected only on a higher low being formed. To the upside, resistance at 110.44 – 110.34 could be tested in the near term. The USDJPY currency pair could be seen remaining range bound within these levels in the near term with a breakout from the resistance or support likely to see further direction in the trend being established.
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