We recently looked at USD/JPY and suggested that it could be turning bullish after a period of bearish correction and sideways consolidation. USD/JPY Daily Chart 7/13(click to enlarge)Key Resistance and Support:- The claim that USD/JPY has turned bullish might be premature. We did see a higher low (June vs. April), but USD/JPY retreated from the May high. - A break above that 114.35 resistance then establishes a shift to the bullish mode.- Now, as price retreats from this resistance, we should focus on the "central pivot area" around 111.70.- Not only is this the middle of the consolidation range, it is also a support/resistance pivot, and where both the 100- and 200-day simple moving averages (SMAs) reside.- If price holds above 112, it would be a good sign that USD/JPY is going to push above 114.35. But if price falls below 111.70, we might be looking at an extended period of consolidaiton/bearish correction.