USDJPY: Further consolidation in the 112.00/113.00 may be in store

Preferred Strategy:  US$Jpy has had a tight 40 point range and further consolidation in the 112.00/113.00 may be in store. The hourly indicators look a little heavy but the 4 hour charts look positive and if the session high at 112.47 can be taken out, then 112.75 would be the first real hurdle ahead of 113.00 and 113.43 (6 Oct high). On the downside, back below 112.00, good support now seen at 111.60/70, and buying dips is preferred today. Further out, the dailies look less positive, so further range trade between 111.60/113.00 may be in store for the next few days..