USDJPY remains in the downtrend from 111.39, the bounce from 108.95 is likely consolidation for the downtrend. Range trading between 108.95 and 110.50 would likely be seen in the coming days. However, as long as 110.50 resistance holds, the downtrend could be expected to resume and another fall towards 107.00 is possible after the consolidation. Support is at 108.95, only a breakdown below this level could signal resumption of the downtrend.
