USD/JPY is consolidated having risen from the lows of the month, met supply on the back of hopes for a stop to the oil glut, but quickly bought up again as the news not being as good as it sounded at first. The major is correlated to oil currently, strangely, but risk is determining the price action across the broader spectrum of the FX space. "CFTC data on yen positioning - as long yen last week, almost, as when we down around USD/JPY 80 back in the pre-Abenomics era. This could be quite a big flush out and indeed, a few yen bears may come out of the woods. Hint to the BOJ - if you want to intervene, now's your moment.," suggested Kity Juckes, economist at Scoiete Generale. USD/JPY levels "Now recovering from a daily low of 113.58, the short term picture the upside seems limited, but the downward potential has decelerated, as in the 1 hour chart, the price trades below a bearish 200 SMA, while the technical indicators remain well into bearish territory, but with no directional strength," explained Valeria Bednarik, chief analyst at FXStreet. Meanwhile, S2 is at 113.63 and S1 at 113.35. Below there, the Classic S3 is at 112.16 on the 4hr sticks as a key target in oversold territory. On the upside the pivot is at 114.19 guarding R1 at 115.40, R2 at 115.69 and R3 at 115.98. For more information, read our latest forex news.