USDJPY (109.46): The USDJPY currency pair fell sharply as price action failed to capitalize on a modest rebound. USDJPY is now seen trading near the support level at 109.57 – 109.43 region. We can expect to see a rebound in price action in the near term. However, the gains are likely to be short lived but there is a potential for USDJPY to retrace the losses all the way back to the resistance level at 110.85. In the near term, a break down below the current support level could signal a decline to the next lower support at 109.90.
