USDJPY failed to break above 110.94 resistance and stays in a trading range between 108.26 and 110.94. As long as 110.94 resistance holds, the price action in the trading range 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. Only break above 110.94 resistance could trigger another rise towards 115.50.
