USDJPY (113.94): The US dollar managed to recover against the yen as price action posted a strong reversal. This came despite price reversing just above the support level that was supposed to be tested at 113.00 level. A breakout above the previous high formed at 114.00 is requiredin order for USDJPY to maintain the gains. Failure to do so could signal another leg to the downside. This will potentially see USDJPY falling back to establish support at 113.00 which is requiredin order to validate the gains to the upside.
