USDJPY’s upside movement from 111.65 extended to as high as 114.73, the subsequent pullback is likely consolidation of the uptrend. Near term support is at the bottom support trend line of the price channel on the 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume and another rise towards 115.50 resistance is still possible after the consolidation. Key support is at 112.95, only a breakdown below this level will indicate that lengthier consolidation for the longer term uptrend from 107.31 (Sep 8 low) is underway, then the pair would find next support level at 112.30 area.
