USDJPY broke above 109.59 resistance, indicating that the short term downtrend from 110.94 is complete. Further rally could be expected in a couple of days and next target would be at 110.60 area. On the downside, as long as 110.94 resistance holds, the price action from 108.73 would possibly be consolidation of the downtrend from 114.49, one more fall to test 108.13 (Apr 17 low) support is still possible after the consolidation, only break above 110.94 resistance could signal completion of the downtrend.
