USDJPY (110.53): The USDJPY is seen making strong gains for what could be a third consecutive day. This comes after price retested the support level near 109.15 – 108.26. The resistance at 110.72 is now in focus, and we could expect theprice to struggle to breakout above this level. Therefore, a near-term decline could be expected. Support is seen coming in at 109.75 which previously served as minor resistance. A retest back to this level to establish support will validate the upside with USDJPY likely to break past 110.72 followed by a potential rally towards 113.00.
