USDJPY (110.92): The USDJPY fell to 110.70 levels where after a brief spell of consolidation, price action is looking to post a rebound. On the intraday charts, USDJPY is seen currently struggling near the 111.00 – 110.88 level of resistance. A reversal at this resistance level could signal that USDJPY could potentially push lower. Breaking below the current lows at 110.70 could signal further declines to 110.00. However, this view could change if USDJPY manages to close above the resistance level. A new sideways range could be establishing within 111.61 – 111.00 region.
