USDJPY (111.75): The USDJPY price action is suggesting some exhaustion to the rally. Price action has stalled its upside momentum near the highs of 111.89. If price starts to correct, then we expect USDJPY to slip briefly to the 111.21 level where support could be reestablished. This would eventually open the way for the USDJPY to post further gains in an attempt to target the next main resistance at 12.50.
