USDJPY is facing the resistance of descending price channel on daily chart. As long as the channel resistance holds, the rise from 108.13 could be treated as consolidation of the downtrend from 118.66, and another fall towards 106.00 could be expected after the consolidation. On the upside, a clear break out of the the channel resistance will indicate that the downward movement from 118.66 had completed at 108.13 already, then the following upward movement could bring price to 120.00 area.
