USD/JPY continues to find reasons not to advance. The encouraging development for Bulls is that the weakness in USD/JPY has not brought strong selling of the pair or buying of JPY across the board. Bull markets tend to climb a wall of worry, and the chart of USD/JPY shows periods of jubilation to sideways price action.
I believe that traders will perform well to hold a longer-term bullish view above the October low of 111.65. The level of support closer to current price action is the November 15 low, the lowest level since mid-October at 112.48. A hold above these levels would favor the November 14 high at 113.93 followed by a test of the November high of 114.73. An approach toward the latter would favor that long-term forces are pushing toward an extension higher at the YTD high of 118.60, will reach by January 2018.