By Cornelius Luca
* One day after marking a 6-week low of 120.70, USD/JPY is virtually unchanged in spotty activity. The pair will likely consolidate around the 60-day moving average at 121.13 and the 121.05 Gann 50-point pivot, which targets 120.55 and 121.55.
The outlook is mixed.

Support: 121.13 (60-day moving average), 121.05 (Gann 50-point pivot; targets: 120.55/121.55), 120.93 (overnight low), 120.70 (May 3 low), 119.65 (Gann 50-point pivot; targets: 119.15/120.15), 119.00 (38.2% Fibonacci retracement level of the August 1998-December 1999 downtrend).
Resistance: 121.51 (overnight high), 122.50 (Gann 50-point pivot; targets: 122.00/123.00), 122.88 (20-day moving average), 124.00 (Gann 50-point pivot; targets: 123.50/124.50), 124.35 (April 27 peak).