USDJPY (112.63): The USDJPY managed to close on a bullish note on Friday. Price action is currently looking a bit weaker with the lower high being formed. Further downside could be expected if the reversal fails to break past the previous high formed. On the 4-hour chart, the sideways range is established within 113.00 level of resistance and 112.04 level of support. We expect this range to be maintained with a breakout from this level expected to establish further direction in the near term.
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