USDJPY moved sideways in a trading range between 109.01 and 110.04. As long as 110.04 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 112.40, further decline to 108.50 area is still possible after the consolidation. Only break above 110.04 resistance could bring the price back towards the falling trend line on the 4-hour chart.
