USDJPY stayed in a trading range between 110.84 and 114.73 for several weeks. The price action in the range is likely consolidation of the uptrend from 107.31. As long as 110.84 support holds, the upside movement could be expected to resume and another rise to test 115.50 resistance would likely be seen after the consolidation. A breakout of this level would aim 118.66 (Dec 15, 2016 high). However, a breakdown below 110.84 support could bring price back to next support level at 109.50, followed by 107.31.
