USDJPY (110.87): The USDJPY currency pair was seen closing bullish on Thursday. Price action remains trading sideways albeit drifting slightly lower. ON the 4-hour chart, the consolidation is seen taking place near the support and resistance level of 111.13 – 110.85 region. We expect the upside to potentially push the USDJPY currency pair toward 112.18 region. There is a chance that the currency pair could be forming resistance at this level which previously served as support. To the downside, the support at 109.45 remains a target.
