Outlook for USD/JPY

RBS notes in a report on Tuesday:

• We remain long USD/JPY after the resumption of the up-trend towards 124.00 and above targets and note that our first resistance level of 122.00 has already been tested, from where there may be a correction.
  
  
• We moved our stop higher to the 115.80 level, which was not touched last month. The near-term may see a correction back to the 118.70 pivot point, which is expected to hold, offering levels for those who missed the move.
  
  
• We hold the view for 122.00 and 124.00 bull flag targets to be tested. The latter coincides with my long-term target. After that, more upside towards 130.00 and 135.00 cannot be excluded.
  
  
• SUP: 119.76 118.70/30 117.00; RES: 122.00 124.11 125.70