USDJPY (112.83): The USDJPY managed to post some gains although price action struggles to breakout from the resistance level of 112.88. The 4-hour chart shows the ascending wedge pattern from which price broke out briefly before retracing these losses. As long as price does not breakout from the resistance level, we can expect to see some downside price action. The rising wedge pattern will be validated on a decline towards the support level of 111.74. A breakout above 112.88 could, however, invalidate the bearish wedge pattern with price action likely to test further highs.
