USDJPY (111.94): The USDJPY was seen falling to the support level at 111.74 on Friday. However, price action posted a strong bullish candle on the 4-hour session off this support. This suggests that the range between 113.00 and 111.74 could be maintained in the near term. USDJPY has been trading within this range for the past three weeks, and further gains or losses are expected only on a breakout from this range. To the upside, USDJPY will need to rally breaching the resistance level of 113.00 region. This could shift the bias to the upside for a test towards 115.00 region. To the downside, below 111.74 the next main support is seen at 111.00 region.
