USDJPY’s downward movement from 115.50 extended to as low as 110.62. Further decline is still possible after a minor consolidation and next target would be at 110.00 area. Near term resistance is at the top of the price channel on 4-hours chart, as long as the pair is in the channel, the downtrend will continue. Key resistance is now at 112.00, only break above this level will signal completion of the downtrend.
