The USD/JPY pair got a boost after US 2016 Q4 GDP data last Friday. However, it failed to extend the bull run into this week.USD/JPY 4H Chart 1/31(click to enlarge)Reaction Around GDP Data:- The 4H chart shows that there was a little bit of volatility around the GDP data release.- Price eventually ended higher and closed just above 115.00.Resistance:- The previous resistance was around 115.50 and price once again held under 115.50.- Now if price were able to hold above 114, we might be able to say that price looks to be anchoring higher.- However, price closed the 1/30 session below 114.- We don't have any bullish bias, but simply a consolidation range. between roughly 112.50 and 115.50.Breakout Anticipation:- We should anticipate support in the 112.50-113.00 area.- However, a break below 112.50 could open up the next key support/resistance pivot, which is around 111.30.- Below that the 110.00 psychological level would be in sight.- If the market pushes back above 115.50 on the other hand, the 2016 rally could continue.- This means price could come back to at threaten the highs around 118.60.- Because of the prevailing uptrend in 2017, I have stronger confidence for the potential gain of a bullish breakout than the gain for a bearish breakout.