USDJPY (110.56): The USDJPY currency pair breached past the 110.50 level and price action is trading close to the next main level of 111.00. On the 4-hour chart, this marks a resistance level within 111.18 – 110.85 region. We expect to see price trading within this range in the short term and could potentially signal a short term correction to the downside, unless the bullish momentum will push the USDJPY past this resistance level. Short term support is seen at 109.57 – 109.43 region which could be tested ahead of USDJPY maintaining a range within the said levels.
