USDJPY (110.56): The U.S. dollar was seen closing with a bearish candlestick on Friday. However, price action continues to maintain the sideways trend with the declines being only gradual. On the 4-hour chart, price action cleared below the support level of 111.13 – 110.85 level. We expect to see further consolidation taking place at this level. In the event that price fails to breakout above 111.13 – 110.85 region, we expect the declines to push USDJPY lower toward 109.45 level of support.
