The currency pair ended 2017 with a loss over 3.0% also last week ended with a loss of almost 1.4% and made a phase change, shifting from a bullish to a distribution phase. Last week the USDJPY fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum. The stochastic is showing a strong bearish momentum and crossed below the 50 mid line. The currency pair remains in a consolidation zone that began in mid-April and goes from 114.537 down to 108.78. Expecting a downward move to a Fibonacci retracement at 107.864 on a break below the 50 Fibonacci retracement at 109.925 (scenario 1) however a bounce from the Fibonacci retracement at 109.925 may fuel an upward move to a weekly resistance at 113.690 (scenario 2).