USDJPY is in consolidation for the downtrend from 112.40 (Apr 24 high). Range trading between 107.81 and 108.80 would likely be seen over the next several days. As long as 108.80 resistance holds, the downtrend could be expected to resume, and next target would be at 107.00 area. Only break above 108.80 resistance could signal completion of the downtrend.
