USDJPY moved sideways in a trading range between 106.77 and 108.99. As long as 108.99 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 112.40, further decline to 106.00 area is still possible after the consolidation. On the upside, a break of 108.99 resistance would confirm that the downside movement had completed at 106.77 already, then the pair would find next resistance at around 110.00, followed by 111.60.
