Quotes from Societe Generale Cross Asset Research:
-USD/JPY is hovering close to upper limit of the triangle within which it has been evolving since last two months. A re-test of the upper part of consolidation at 120.70/85 is not ruled out.
-However, with monthly indicator close to resistance, the upside appears to be capped. Only a break above 120.70/85 will mean extension in uptrend.