USDJPY (109.08): The USDJPY managed to post some gains yesterday as price action continues to consolidate near the major support zone of 109.15 – 108.26. A follow through from here is required in order for the US dollar to post some recovery. On the 4-hour chart, despite price briefly breaking past the falling trend line, the reversal at 108.45 suggests a possible double bottom pattern. USDJPY will need to continue to push higher in order to break above the resistance level of 110.72 to validate this double bottom pattern.
