USDJPY extended its upside movement from 104.63 to as high as 107.78, facing the resistance at 107.90. Range trading between 106.61 and 107.78 would likely be seen in a couple of days. As long as 106.61 support holds, the upside movement could be expected to resume and a breakout of 107.90 resistance could take price to next resistance level at 109.50. On the downside, a breakdown below 106.61 support would indicate that the upside movement had completed at 107.78 already, then deeper decline towards 105.65 support could be seen.
