USDJPY failed to break below the bottom support trend line of the price channel on its 4-hour chart, and rebounded from 111.73, indicating that the pair remains in uptrend 108.81. As long as the channel support holds, the fall from 112.92 could be treated as consolidation of the uptrend and further rise towards 115.00 is still possible after the consolidation. Key support is at 111.73, only a breakdown below this level will suggest that the uptrend had completed at 112.92 already, then a correction pullback to 110.00 area could be seen.
