USDJPY moved sideways in a trading range between 105.54 and 107.90. As long as 107.90 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 113.75 (Dec 12, 2017 low), and another fall towards 103.00 is still possible after the consolidation. Only a breakout of 107.90 resistance could signal completion of the downtrend.
