USDJPY moved sideways in a trading range between 110.19 and 111.48. As long as 111.48 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 113.75, and a breakdown below 110.19 support could trigger another fall to 109.50 area. On the upside, a breakout of 111.48 resistance will indicate that the downside movement had completed at 110.19 already, then next target would be at 112.20.
