USDJPY (112.31):The USDJPY also extended losses yesterday with price action falling close to the 112.04 level of support. Currently, we notice a rebound in prices but, the bearish momentum is likely to see price eventually retest the familiar support level. Price action in USDJPY remains flat at the moment unless we see a breakdown of the support level. In this case, USDJPY could be seen testing the lower support near 111.50 area. To the upside, a rebound off the 112.04 support could keep prices continuing to trade sideways.
