USDJPY is facing the support of the price channel on the daily chart. As long as the channel support holds, the fall from 114.54 could be treated as consolidation for the uptrend from 104.63 and another rise towards 115.50 resistance could be expected after the consolidation. Near term resistance is at 112.90, a breakout of this level could signal resumption of the uptrend. On the downside, a clear break below the channel support would indicate that the upside movement had completed at 114.54 already, then next target would be at 109.00 area.
