USDJPY (112.54): The USDJPY continued to extend the declines in early trading session today. This comes amid a brief period of consolidation near the 113.00 support level. It is likely that in the near term, USDJPY could be seen retracing back to 113.00 where resistance could be established. Support to the downside is seen at 112.00 level. On the daily chart, USDJPY is seen breaking out from the rising wedge pattern. The downside target is seen at 110.50 region which could see further declines in store.
