USDJPY failed to break above 107.90 resistance and pulled back from 107.78, suggesting that consolidation for the uptrend from 104.63 is underway. Range trading between 106.61 and 107.78 would likely be seen in a couple of days. As long as 106.61 support holds, the uptrend could be expected to resume and a breakout of 107.90 resistance could trigger another rise towards 109.50. On the downside, a breakdown below 106.61 support would indicate that the upside movement had completed at 107.78 already, then the following downside movement could bring the price back towards 105.65.
