USDJPY (110.53): The USDJPY currency pair was seen posting losses on the day after price action recently broke past the support level at 110.85. The declines come following price action reach the resistance level near 111.18 – 110.85 levels. In the near term, we expect USDJPY to retrace the declines back to 110.85 level following which we expect further declines. The lower support at 109.57 – 109.43 is the most likely choice of target to the downside.
