USDJPY moved sideways in a trading range between 108.26 and 110.94. As long as 110.94 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 114.49 (Jul 11 high), and another fall to retest 108.13 (Apr 17 low) support is still possible after the consolidation. On the upside, a breakout of 110.94 resistance will indicate that the downtrend had completed at 108.26 already, then the following upside movement could bring price to 114.00 area.
