The price of USD/JPY after some consolidation above 119.50, broke through this level of support and is currently consolidating around the mark 119.00. In case of continued downward movement, quotations may fall to the strong support at 118.50. The breaking and fixing the price above 119.50, will be the basis for opening long positions with the upside potential to 121.00 and 122.00. Further dynamics will depend on the prospects of higher interest rates of the Fed. We maintain our positive outlook for the medium-term and recommend holding long positions with a stop below 118.50.