USDJPY continued its sideways movement in a trading range between 108.26 and 110.94. As long as 110.94 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 114.49 (Jul 11 high) and another fall could be expected after the consolidation. Only break above 110.94 resistance could signal completion of the downtrend.

USDJPY 4-hour chart

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