USDJPY moved sideways in a trading range between 110.58 and 111.54. As long as 111.54 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 113.17 and a breakdown below 110.58 support could take the price to 109.00 area. On the upside, a breakout of 111.54 resistance would suggest that lengthier consolidation for the downtrend is underway, then further rise towards 111.90 area could be seen.
