USDJPY (112.55): USDJPY attempted to post a pullback following the declines from Friday. This came amid a bounce off the support level seen at 112.04. USDJPY is expected to remain range bound within the 113.00 and 112.04 levels of resistance and support. Any short-term gains are likely to be limited to the 113.00 resistance level. A reversal here could however increase the odds of a decline with a potential breach of the support level at 112.04. Below this support, USDJPY could be seen pushing lower towards the 110.70 support level. This will mark the downside move following the breakout from the rising wedge pattern on the daily chart.
