No changed in our view, USDJPY remains in short term uptrend from 118.16, the fall from 123.75 is treated as consolidation of the uptrend. Further rise to test 125.85 resistance is possible, a break of this level will signal resumption of the long term uptrend from 75.57 (Oct 31, 2011 low), then next target would be at 135.00 area. Near term support is at 122.00, only break below this level will indicate that the short term uptrend had completed at 123,75 already, then the following downward movement could bring price back to 118.00 zone.
