USDJPY (109.30): The USDJPY tested the support at 108.64 following the test of resistance at 110.44 – 110.34 previously. Following the rebound, USDJPY is seen forming a lower high which could indicate weakness in the currency pair. The declines could stall near the previous resistance level of 108.64. However, if price breaks down below this support further declines cannot be ruled out. To the upside, further gains are expected only on a breakout above 110.44 – 110.34 level. In the near term, USDJPY could be seen moving sideways within the range established.
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