USDJPY is forming a sideways consolidation in a range between 105.54 and 111.88. As long as 111.88 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 123.75, one more fall to 100.00 area is still possible after consolidation. On the upside, a break of 111.88 resistance will indicate that the downtrend had completed at 105.54 already, then the following upward movement could bring price to 117.00 zone.
