USDJPY’s downward movement from 111.57 extended to as low as 108.23. Near term resistance is at 108.90, as long as this level holds, the downtrend could be expected to continue and next target would be at 107.00 area. Key resistance is at 109.40, only break above this level will indicate that the downtrend is complete, then the following rebound could bring price back to 110.50 area.
