USDJPY (112.71): The USDJPY posted declines on Friday although the U.S. dollar is looking to pare some of those losses. In the near term, the modest recovery could see USDJPY rallying back to the 112.90 – 113.00 level where resistance could be established. A reversal near this resistance could keep USDJPY range bound. Support at 112.04 remains the key level to the downside. A breakout from this range is required in order for USDJPY to establish further direction.
