The USD/JPY was in a bullish breakout a little over a week ago. The 4H chart shows the breakout that seems to have brought back the prevailing uptrend. If so, the pair has upside risk towards the 2015-high at 125.85 and beyond. USD/JPY 4H Chart 7/21(click to enlarge) This week, price is stalling at 124.50 and retreating as we can see in the chart above. If you believe the USD/JPY is bullish in the medium-term, maybe it would be logical to prepare to buy on a dip such as this one. I would look at the 123.00-123.25 area as a possible support, especially if the RSI is near 40. If there is a break below 123.00, I would think that the USD/JPY needs more time in consolidation before pushing towards 125.85. In this scenario, I would take a step back and look for more clues such as a consolidation pattern.