USDJPY (110.98): The USDJPY was seen trading somewhat flat on the day as price action managed to post a minor bounce. This brief retracement was met with the resistance level at 111.13 before the currency pair is starting to give up the modest gains. A close below the previous low at 110.71 is required in order to confirm the downside bias. This would also validate the bearish flag pattern and set USDJPY on stage for further declines. The support at 109.45 remains a key level of interest to the downside. The bearish flag pattern projects the minimum price target around this level.
