USD/JPY moved sideways in a trading range between 104.63 and 107.90.

As long as 107.90 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 114.73 and another fall towards 102.00 is still possible after the consolidation.

On the upside, a breakout of 107.90 resistance would indicate that the downtrend had completed at 104.63 already, then a further rally to 110.00 area could be seen.

USDJPY daily chart

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