USDJPY is facing the resistance at 110.94. As long as this level holds, the rise from 107.31 could be treated as consolidation of the downtrend from 114.49 (Jul 11 high), another fall towards 106.50 is still possible after the consolidation. On the upside, a breakout of 110.94 resistance will indicate that the downtrend had completed at 107.31 already, then further rise to 113.00 area could be seen.
