USDJPY’s downward movement from 118.66 extended to as low as 108.13. Further decline could be expected after consolidation and next target would be at 106.00 area. Near term resistance is at 110.00, as long as this level holds, the downtrend will continue. Key resistance is located at the descending trend line on daily chart, only a clear break below the trend line resistance could signal completion of the downtrend.
