USD/JPY edged somewhat higher yesterday, hitting resistance at the 112.80 (R1) barrier. Given that the pair is still trading within the range between the 111.00 (S3) key support zone and the psychological area of 115.00, I would consider the short-term trend to be to the sideways. For now, I see signs that the recovery from near 111.00 (S3) may continue for a while. A decisive move above 112.80 (R1) would confirm the case and perhaps open the way for the 113.80 (R2) hurdle. Our short-term oscillators reveal upside momentum and support the notion. The RSI rebounded from near its 50 line and now looks to be headed towards 70, while the MACD stands above both its zero and trigger lines, pointing up. As for the bigger picture, I still believe that the close below 116.00 has turned the longer-term outlook negative. I would treat the short-term sideways range as a pause of that downtrend and I prefer to wait for a clear close below 111.00 (S3) before I get confident on larger declines.