USDJPY remains in the downtrend from 111.71, and the price action from 104.18 is a likely consolidation for the downtrend. As long as the price is below the falling trend line on the daily chart, the downside movement could be expected to resume and further decline to the 103.00 area is still possible.

Key resistance is at 107.05. A breakout of this level would indicate that the downside movement had completed at 104.00 already, and another rise towards 110.00 could be seen.