USDJPY (112.88): The USDJPY managed to recover the losses as the currency pair was seen posting strong gains. The yen was seen weakening as USDJPY is likely to extend the gains back to the 113.00 level of resistance. A breakout to the upside based on the bullish momentum could keep the currency pair poised for further upside. However, any weakness could keep the USDJPY range bound within 113.00 and 112.04 level within which the currency pair has been consolidating for the past few weeks.
