USDJPY moved sideways in a trading range between 109.15 and 109.74. As long as 109.74 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 110.67, further decline towards 108.50 is still possible after the consolidation. On the upside, a breakout of 109.74 resistance would indicate that the downtrend had completed at 109.15 already, then further rise to 110.50 area could be seen.
