USDJPY moved sideways in a trading range between 106.92 and 108.08. The price action in the range is likely consolidation for the downtrend from 109.38, and further decline to 105.00 could be expected after the consolidation. On the upside, a breakout of 108.08 resistance would indicate that the downside movement had completed at 106.92 already, then another rise towards 109.00 could be seen.
