USDJPY broke above the falling trend line on the 4-hour chart and is now facing 111.69 resistance. As long as this level holds, the sideways movement in a trading range between 110.84 and 111.69 could be treated as consolidation of the downtrend from 114.73, and further decline towards 109.50 is still possible after the consolidation. On the upside, a breakout of 111.69 resistance will indicate that the downtrend had completed at 110.84 already, then further rally towards 112.71 resistance could be seen.
