USDJPY: Minor support will be seen at 111.00 and 110.70

US$Jpy had a choppy day in falling to a new trend low of 110.23 before climbing steadily to reach a high of 111.73 and then closing at 111.50.

While the dailies still point lower, the 4 hour charts are recovering after having become oversold and further short term gains would not surprise. If so, look for good resistance in the 111.70/80 range, but a break of which could then see a move towards 112.00 and 112.30, which might be a decent sell area if we get there.

On the downside, minor support will be seen at 111.00 and 110.70 ahead of the session low of 110.23. A break of which would then find little support until we reach 109.60, albeit not today. A choppy session in the 111.00/112.00 would not surprise.

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