USDJPY (113.60): The USDJPY continues to remain trading flat with price action seen hovering near the breakout level from the rising wedge pattern formed on the daily chart. With price failing to break out from the resistance level near 114.31 – 114.07 we expect the consolidation to continue near this level. Support is seen at 113.00 which could be tested in the near term. The BoJ Governor Kuroda is expected to speak today followed by the quarterly GDP numbers coming out from Japan. These events could potentially bring some volatility to the currency pair and help establish a short-term direction in the currency pair.
