Looking at USD/JPY chart, we can see it trading in a downward trend, falling lower and lower, without showing the ability to consolidate and form a solid support level. In the past few trading sessions, it has somehow stabilized and trades in a channel between support of 113.5 and closest temporary resistance of 114, with a stronger resistance level, found at the 114.2 level.  it was last found trading at 113.78.

Today we could expect an attempt to move close and above the 114 closest support level and possibly consolidate at the same level.

If however, it does not manage to hold above 113.7 then a move towards the support of 113.5 could be expected.

(Click on image to enlarge)