USDJPY (110.79): The USDJPY currency pair was seen closing lower on Wednesday. Price action broke past the minor bearish flag pattern clearing the support level at 111.13 – 110.85. Further declines could be triggered on the downside momentum. The lower support at 109.45 forms the next main target. However, in the event of a rebound to the upside, USDJPY will need to reclaim the level above 111.13. This will keep the currency pair trading back within the range of 112.28 level of resistance.
