USDJPY stays in a bearish price channel on the 4-hour chart and remains in the downtrend from 114.49. As long as the channel resistance holds, the bounce from 110.62 could be treated as consolidation of the downtrend and further decline to 110.00 area is possible after the consolidation. On the upside, a clear break above the channel resistance could take price to next resistance level at 112.41, above this level will confirm that the downtrend had completed at 110.62 already, then another rise to retest 115.50 resistance could be seen.
