USD/JPY recently hit the 114.55 target we anticipated, and retreated after failing to break through the resistance.USD/JPY Hits Anticipated Target and Resistance at 114.55This week, price came down and broke below 112, but immediately climbed back above. The rebound suggests that USD/JPY is going to retest the 114.55 area. $USDJPY Daily Chart(click to enlarge)Support Holds:- Note that USD/JPY held above the rising trendline.- Also, price held above the moving averages (200, 100, 50). - Finally, the RSI held above 40, which reflects maintenance of the prevailing bullish momentum.- In terms of price action, I think the ability to clear above 112.50 would be a good sign for the bullish attempt to test 114.55 again.- However, a return below 112 suggests the near-term consolidation while testing the noted support factors, is not over. - With the fed raising rates, I think USD/JPY has upside above 114.55, towards 118. USD/JPY Weekly Chart(click to enlarge)