USDJPY’s downside movement from 114.73 extended to as low as 111.06. As long as the price is below the falling trend line on its 4-hour chart, the bounce from 111.06 could be treated as consolidation of the downtrend, and a breakdown below 111.06 support could take price to next support level at 109.50 area. On the upside, a clear break above the trend line resistance could bring price back to next resistance level at 112.71, only break above this level could signal completion of the downtrend.
