USDJPY (110.19): The USDJPY currency pair rebounded with some momentum but price action was seen failing to break past the rising trend line. A reversal at this level is expected to see price action posting declines back to the support level of 109.57 – 109.43 region. As long as the support holds, the USDJPY currency pair is expected to maintain a sideways range. However, we expect the support level to break which could potentially set the stage for USDJPY to push lower toward the 108.90 level of support in the medium term.
