USDJPY moved sideways in a trading range between 112.95 and 114.73. The sideways movement is likely consolidation of the uptrend from 111.65. As long as the price is above 112.95 support, the uptrend could be expected to resume and further rise towards 115.50 is possible after the consolidation. Near term resistance is at 114.73, a breakout of this level could signal resumption of the uptrend. On the downside, a breakdown below 112.95 support will indicate that lengthier consolidation for the longer term uptrend from 107.31 (Sep 8 low) is underway, then the pair would find next support level at 112.30 area.
