USD/JPY: Bullish: 111.45 next target.
While the bullish outlook for USD is still intact, the recent strong rally appears to be struggling to move above the strong 111.45 resistance. In order to maintain its bullish momentum, USD has to break clearly above this level within these 1 to 2 days. A prolonged consolidation below this level would lead to a rapid loss in momentum which would increase the odds for a short-term top.