USD/JPY broke below 111.47 key support, confirming that the upside movement from 107.31 had completed at 114.73 already.

Further declines would likely be seen over the next several weeks and next target would be at 109.50. A breakdown below this level could take price towards 107.31 previous low. Near term resistance is at 112.90, only a break above this level could trigger another rise to test 115.50 key resistance.