USDJPY (112.04): The USDJPY closed on a bullish note yesterday recovering from Friday’s declines. Price action remains in a consolidation mode. On the 4-hour chart, the bounce off the minor support at 111.74 saw prices briefly pushing higher, although current price action is seen giving up some of the gains. With the range strongly established at 113.00 and 111.74, USDJPY could be looking at a volatile breakout soon. While the gains to the downside are limited towards the next support at 111.00, to the upside, clearing the resistance at 113.00 could signal further gains in price.
