USD/JPY remained locked in a consolidative mode on Friday, staying within the 114.50 (R1) resistance line and the 113.35 (S1) support level. On top of that, given that the rate oscillates between the 111.00 key support zone and the psychological resistance of 115.00 (R2) since the 10th of February, I consider the short-term outlook to be flat for now. This is also supported by our short-term oscillators. The RSI found resistance just above its 50 line and points sideways, while the MACD, although above its trigger line, moves along its zero line. As for the bigger picture, I still believe that the close below 116.00 (R3) has turned the longer-term outlook negative. However, the fact that the pair failed twice to break below the 111.00 zone adds to my view to stay flat for now. A break below 111.00 is the move that would confirm a forthcoming lower low on the daily chart and perhaps signal the resumption of the prevailing downtrend.