USDJPY moved sideways in a trading range between 107.12 and 108.72. As long as 108.72 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 111.71, a breakdown below 107.12 support could trigger another fall towards 105.00. On the upside, a breakout of 108.72 resistance would indicate that the downside movement had completed at 107.12 already, then further rise to 111.00 area could be seen.
