USD/JPY – Wait for a breakout of 111.38-110.10 range

Pair’s failure near 111.38 earlier today followed by a fall back to 110.70 despite rebound from 110.00 levels on Monday and Tuesday suggests the spot is likely to consolidate before another round of selling resumes.
A downside break appears more likely, given the fact that the RSI is yet to hit the oversold territory.