USD/JPY Technical Analysis: Looking for a break of 112.70 to continue rising trendline

• The previous twenty-four hours saw the USD/JPY bumping into the high side of consolidation in Friday's trading range, clipping into resistance 123.60 but remaining constrained as swinging market sentiment continues to play tug-of-war with risk flows.
• Monday's early action sees the Dollar-Yen pairing testing 112.50 as volume-thinned markets test the waters in the new trading week.
• USD/JPY analysis: unconvinced bulls at risk of giving up

USD/JPY, M5

• The last week saw the USD/JPY trying to mount recent near-term resistance from 112.60 to 112.70, and a constraining pattern is beginning to form up from last week's peaks and lows.

USD/JPY, M30

• In the medium-term, the last four weeks have seen the Greenback manage to break a declining trendline, and mounting a higher low from the 112.00 handle has the USD/JPY on pace to begin a bullish correction, but buyers will first have to break through last week's resistance built into 112.70.

USD/JPY, H4

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