USDJPY broke above 107.01 resistance and extended its upside movement from 105.65 to as high as 107.49. Near term support is at the bottom trend line of the price channel on the 4-hour chart. As long as the channel support holds, the upside movement could be expected to continue and next target would be at 107.90 resistance. On the downside, a clear break below the channel support would indicate that the upside movement had completed at 107.49 already, then deeper decline to 106.00 area could be seen.
