USDJPY failed to break above 120.50 resistance, and pulled back from 120.36, indicating that the pair remains in downtrend from 122.02, and the rise from 118.33 could be treated as consolidation of the downtrend. Resistance is now at 120.36, as long as this level holds, the downtrend could be expected to continue, and next target would be at 116.50 area. Only break above 120.36 resistance could signal completion of the downtrend.
