USDJPY continued its sideways movement in a trading range between 107.81 and 108.80. As long as 108.80 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 112.40 (Apr 24 high), further decline to 107.00 area is still possible after the consolidation. Only break above 108.80 resistance could signal completion of the downtrend.
