USDJPY (111.38): The USDJPY currency pair was seen consolidating below 112.18 level for the past five days. With the support level at 111.13 – 110.85 holding out, the bias is currently in favor to the upside. However, USDJPY will need to clear past the previous highs and potentially retest the resistance level at 112.28 region in order to confirm the upside. Failure to do so could keep the currency pair trading sideways for the moment. In the event of a break down below 111.13 – 110.85, USDJPY could trigger a correction.
