USDJPY continued its sideways movement in a trading range between 111.37 and 114.54. The sideways movement is likely consolidation for the uptrend from 104.63. As long as the price is in the rising price channel on the daily chart, the upside movement could be expected to resume and a break of 114.54 resistance could trigger another rise towards 115.50. Key support is at 111.37, a breakdown of this level would indicate that the upside move is complete, then, deeper decline towards 109.50 could be seen.
