The pair USD/JPY should extend its rangebound theme likely between 112.30 and 114.50 in the next weeks. “USD just moved above the 113.15/20 resistance and the improved outlook suggests that a move towards 113.55 would not be surprising (next resistance is at 113.80). Support is at 112.85 followed by last Friday’s low near 112.55 which is acting as a very strong intraday support”. “After closing lower for 3 straight days, USD ended higher yesterday and registered a modest gain. From here, the price action is still viewed as part of a 112.30/114.50 consolidation range and based on the current indicators, this range is expected to be intact for a while yet”.