USDJPY (112.60): Despite the USD posting a rebound, the USDJPY closed with a doji with follow through price action showing a decline in early trading today. The reversal comes off the test of the major falling trend line as expected. We expect to see the downside correction in USDJPY pushing the currency pair lower. Support at 112.04 remains in focus to the downside. Overall, USDJPY is likely to maintain its sideways range but a break down below 112.04 could spell further declines in price.
