USDJPY (112.41): The USDJPY closed bearish yesterday with price action on the daily session suggesting a bearish engulfing bar. On the intraday charts the U.S. dollar was seen posting a strong bounce off the support level at 112.04. We expect to see the near term gains limited to the resistance level at 112.65. USDJPY is expected to maintain the sideways range into tomorrow's payrolls report. A breakout from this range will suggest further direction in the currency pair. For the moment, the declines coincide with the retest of the support level and filling last Friday's gap.
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