USDJPY remains in the downtrend from 109.28, the bounce from 107.88 is likely consolidation for the downtrend. Resistance levels are at 108.35 and 108,60, as long as these levels hold, the downside movement could be expected to resume, deeper decline to 107.00 area is still possible after the consolidation. On the upside, a breakout of 108.60 resistance would indicate that the downside movement had completed at 107.88 already, then another rise towards 109.50 could be seen.
