USDJPY continued its bearish movement from 114.49 and the fall extended to as low as 110.76. Near term resistance is at the top trend line of the price channel on the 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue and next target would be at 110.00 area. The key resistance is at 112.41, only break above this level could signal completion of the downtrend.
