USDJPY (113.29): The USDJPY formed another doji pattern on the daily chart yesterday. A bearish close below the doji’s low today could potentially signal further downside in price. USDJPY is seen trading just below the previously established resistance level of 114.31 – 114.07 region. To the downside, price is pending retest of the support level near 110.70. On the 4-hour chart, the immediate support near 113.06 – 112.90 remains in focus. A break down below this support could potentially turn USDJPY’s bias to the downside as price will then likely slide towards the 112.05 level of support. To the upside, the gains could be limited towards the previously established resistance level.
