USDJPY (110.80): The USDJPY continues to consolidate near the 110.70 level of support marking the seventh day of prices trading flat near this level.

The BoJ’s meeting did not offer much for the markets which is expected to keep the currency pair subdued.

Currently, we expect that the resistance level near 111.00 – 110.88 will hold any gains in the short term.

This exposes USDJPY to downside risks. Price action could be seen falling to the previous lows near 110.40 region with further declines likely on a downside break out below this level.

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