USDJPY (112.98): The U.S. dollar was seen trading stronger against the Japanese yen with price managing to close at a four-day high yesterday. On the intraday charts, price action is back at the resistance level of 113.00 – 112.90 region. A reversal at this level could potentially put USDJPY back within the range. Support is seen at 112.04 level. However, in the event of a breakout above the resistance level, further gains to 114.00 can be expected. A pullback to the breached resistance level to form support could establish more upside bias in price.
