USDJPY (111.89): The USDJPY traded somewhat muted on Monday. Price action closed bearish, but the overall momentum remains to the upside. The bullish momentum remains in place with the USDJPY likely to target the resistance level at 112.50. A retest of this level to establish resistance will mark the completion to the upside. Alternately, with the recently breached resistance level at 111.21 exposed, the downside could bring the USDJPY to test this level of support.
