The USDJPY gave back some of its gains on Wednesday after posting the biggest single-day rally in seven weeks, as the US dollar weakened across the board following disappointing economic data.
The USDJPY fell from a daily high of 120.33 to trade at 199.57, declining 0.44 percent. The pair is well supported above 119.00, with 119.49 and 119.20 being the next two support levels. On the upside, initial resistance will likely be met at 120.41.
The USDJPY has been in a broad consolidation trend since February, having traded within the 118.00-121.00 band. Absent any clear directional strength, the pair will continue to trade within this range.