The USD/JPY held under 119 last week but found support at 117.35. This week, it is showing signs of bullish continuation ahead of Tuesday's (11/25) preliminary US Q3 GDP data.The advanced reading estimated Q3 GDP to have grown at an annualized rate of 3.5%. The second, preliminary estimate due tomorrow, it expected to show a slight downward revision to 3.3%. USD/JPY 1H Chart 11/24(click to enlarge) With a strong uptrend behind the USD/JPY, a reading of 3.3% or better might guide it pass 119 towards the 120 area, where we should start anticipating heavy resistance. If the reading misses forecast, and the USD/JPY is initially rejected from going above 119, we should watch the 118-118.15 area for support.This is the middle of the recent consolidation range and involves the 50-hour SMA as well as a local resistance area within the consolidation range.If price holds above 118, the pressure remains towards 119 with risk of breaking higher. A break below 118 however would put USD/JPY back in short-term and perhaps medium-term consolidation, with downside risk towards 117.35 and 117.00. If price breaks below 117.00 and starts to hold below 118.00, then we can expect more of the medium-term consolidation mode, with downside risk towards the 115.40-115.50 support pivot area.