USDJPY (112.64): The USDJPY was seen posting some gains on Wednesday as it’s price closed bullish, forming an inside bar on the daily session. A follow through with a breakout to the upside could potentially send USDJPY to the intraday resistance level near 113.00 area. We however expect a fake breakout, with price likely to resume its decline. Support at 112.04 remains in focus as a firmer test of this support is likely in the near term. In the event that USDJPY manages to break out higher, a close above 113.00 is required in order to maintain further gains.
