USDJPY continued its sideways movement in a trading range between 112.95 and 114.73. As long as 112.95 support holds, the price action in the range could be treated as consolidation of the uptrend from 111.65 and further rise towards 115.50 resistance could be expected after the consolidation. Near term resistance is at 114.73, a breakout of this level could signal resumption of the uptrend. Near term support is at 113.35, a breakdown below this level could take price to test 112.95 key support. Below this level will indicate that lengthier consolidation for the longer term uptrend from 107.31 (Sep 8 low) is underway, then deeper decline to 112.30 area could be seen.
