USDJPY (109.57): The USDJPY broke down below the support level of 109.57 – 109.43 as price action fell just a few pips above the next main support at 109.90. The rebound off this level saw prices retesting this support level which is likely to act as support. In the near term, we expect to see USDJPY most likely to decline back for a firm retest of support at 108.90. To the upside, in the event of a breakout above the support/resistance level, then we can expect further gains to push USDJPY back to 110.85 level of resistance.
