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USDJPY: With USDJPY still facing consolidation price action, a directional move is now on hold. On the downside, support comes in at the 117.00 level where a break will target the 116.50 level.

Below here if seen will aim at the 116.00 level followed by the 115.00 and then the 114.00. On the upside, resistance resides at the 119.00 level followed by the 120.00 level where a break will target the 121.00 level.

Further out, resistance comes in at the 122.00 level where a violation will aim at the 123.00 level. On the whole, USDJPY remains exposed to the upside in the medium term.