USDJPY (112.01): The USDJPY extended the declines on Friday as price slipped through to the 112.00 support level. This marks the first target that has been achieved to the downside. Any gains are likely to be limited to the 112.80 – 113.00 level. The pullback to this level will suggest further downside in price. USDJPY is likely to extend the declines down to the 110.70 level in the coming week or two. This would mark the completion of the rising wedge pattern on the daily chart. From the 110.70 support, USDJPY could however start to renew its bullish momentum. Still, as long as the upper resistance near 114.00 remains in place, USDJPY could be seen trading flat.
