Overview:
USD/JPY is consolidating with bullish bias after hitting one-week high 99.9. USD/JPY is underpinned by positive dollar sentiment (ICE spot dollar index last 82.37 vs. 81.66 early Thursday) on surprise 19,000 drop in latest U.S. weekly jobless claims to 326,000 (versus 345,000 forecast) and stronger-than-expected rise in U.S. ISM manufacturing PMI to 55.4 in July (versus 52.0 forecast) from 50.9 in June; higher U.S. Treasury yields; yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 3.79% to 12.94; S&P hit record high 1,707.85 before closing up 1.25% at 1,706.87 overnight) as major central banks maintained their ultra-loose monetary policies to stimulate growth; portfolio flow data Thursday showing Japanese investors were net big buyers of foreign bonds last week; demand from Japan importers; Bank of Japan's aggressive monetary easing measures to help reach its 2% inflation target. But USD/JPY gains are tempered by Japan exporter sales; positions adjustment before weekend. Other data: 2350 GMT Japan July monetary base, 1230 GMT U.S. June personal income & spending, 1345 GMT U.S. July ISM-NY Business Index, 1400 GMT U.S. June factory orders, 16:15 GMT Fed's Bullard speech. Daily chart is tilting positive as stochastics rising from oversold; negative MACD histogram bars are contracting. 

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 100.1 and the second target at 100.45. You should keep in view short position below the pivot keep of the first target at 98.84.5, breach of this target will move the pair downward further may expect the second target at 98.45. The pivot point stands at 99.25.      

Support Levels:
S1 - 98.85
S2 - 98.45
S3 - 98

Resistance Levels:
R1 - 100.1
R2 - 100.45
R3 - 100.8