USDJPY (112.67): The Japanese yen continues to remain mixed with USDJPY seen posting a consolidation near the 113.00 price level for the past few days. On the 4-hour chart, the resistance at 113.00 is clearlyseen and this could suggest that the upside momentum is fading. With support seen at 111.74, USDJPY is likely to move sideways in the near term. A possible breakout from this range, however, could signal further direction in prices. To the upside, a breakout above 113.00 will need to see a retest of this level as support to maintain further gains. To the downside, a breakdown below 111.74 will signal the downside decline that could extend to 111.00 initially.
