USD/JPY bounced off the support area of a multi-month sideways consolidation range. The range is roughly between 108.15 and 114.50. The support zone was in the 108.15 and 108.85 area. So far in August price is bounced off the 108.85 area a second time during the 8/22 session.USD/JPY Daily Chart(click to enlarge)Upside:- First of all, USD/JPY is NOT bearish. In fact, it was bullish at end of 2016 and has been in a consolidation mode throughout 2017.- In this 2017 consolidation, price initially was bearish but has flattened sideways.- We are looking at USD/JPY at the support of this sideways range.- A conservative upside is back to the previous resistance pivot at 110.95. - Above that, the 111.75 area, middle of the range, might also provide some resistance.- The 114.50 resistance would also be in sight as an aggressive target.- Ability to hold above 109 this week would be a clue that there is going to be a subsequent bullish swing.