USDJPY failed to break below 108.13 (Apr 17 low) support and rebounded strongly from 108.26. The pair is now facing 110.94 key resistance. A breakout of this level will indicate that the downside movement from 114.49 had completed at 108.26 already, then the following upside movement could bring price back to 114.00 area. On the downside, as long as 110.94 resistance holds, the price action from 108.73 could be treated as consolidation of the downtrend from 114.49, and another fall to retest 108.13 support is still possible.
