USDJPY moved sideways in a trading range between 118.33 and 120.36. As long as 120.36 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 122.02, further decline to 116.50 area to complete the downward movement is possible. On the upside, a break of 120.36 resistance will indicate that the downward movement had completed at 118.33 already, then the following upward movement could bring price to 125.00 area.
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