USDJPY (108.60): The USDJPY currency pair posted sharp declines late yesterday as price action was seen falling back to the 108.64 level of support. This marks a retest of the previously established support level. A rebound off this level is required in order to put the bias to the upside. However, the resistance level that has held up around 110.44 – 110.34 could be seen stalling the gains once again. To the downside, if the declines extend below 108.26 then USDJPY could be seen falling to the 108.00 level eventually.
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