USDJPY stays in a falling price channel on its 4-hour chart and remains in the downtrend from 110.48. As long as the channel resistance holds, the bounce from 105.54 could be treated as consolidation for the downtrend and another fall towards 104.00 area could be expected after the consolidation. On the upside, a clear break above the top trend line of the channel would suggest that the downside movement had completed at 105.54 already, then the pair would find next resistance level at around 108.00.
