USDJPY continued its sideways movement in a trading range between 106.92 and 108.08. As long as 108.08 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 109.38, and further decline to 105.00 area is possible after the consolidation. On the other side, a breakout of 108.08 resistance would indicate that the downtrend from 109.38 had completed at 106.92 already, then another rise towards 109.00 could be seen.
