USDJPY failed to break above 107.08 resistance and stays in a trading range between 105.04 and 107.08. As long as 107.08 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 109.31, another fall to 104.50 area is possible after the consolidation. However, a breakout of 107.08 resistance would indicate that the downside movement had completed at 105.04 already, then the following upside move could take the price to 108.00 area.
