USDJPY (111.11): The USDJPY currency pair was seen closing on a bearish note but price action managed to recover some of those losses late on Friday. Friday’s price action closed with a doji. The occurrence of this pattern near the 111.18 – 110.85 level of resistance indicates that the strong rally in USDJPY could stall. This will need to be validated by a bearish close daily. In the near term, USDJPY is likely to retest the resistance level before it is likely to correct towards the 109.57 – 109.43 level of support that is pending a retest.
