USDJPY 122.40:Consolidates near 4-1/2 week falling wedge support

U.S. Dollar / Japanese Yen (FX:USDJPY)

FX:USDJPY U.S. Dollar / Japanese Yen

USDJPY corrected lower from 125.85 YTD high (June 5, 2015) to reach 121.84 Monday (July 6, 2015 low), retracing over 50% of the 118.48/125.85 rise (as shown in the daily chart). A swing low above the 120.63 support area (61.8% of the 118.48/125.85 rise) remains favored. A strong push back above the 122.92 then 123.71 resistance levels would signal bottoming and shift the focus to 124.44 then 125.85.
Outlook:
Short term: neutral
Long term: bullish

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