USDJPY (110.83): The U.S. Dollar continued to extend gradual declines against the Japanese Yen. However, price action remains very sluggish. On the 4-hour chart, the currency pair was seen finding comfortable support near the 111.13 – 110.85 region. Consolidation continues within this area of support as a potential upside breakout could emerge. However, in the unlikely event that the support level is broken, USDJPY could be seen extending declines at a faster pace. Price action was seen testing the 50day EMA which has managed to offer dynamic support.
