USDJPY is facing the 110.04 resistance. A break of this level would suggest that the downside movement from 112.40 had completed at 109.01 already, then further rally towards the falling trend line on the 4-hour chart could be seen. On the downside, as long as 110.04 resistance holds, the bounce from 109.01 could be treated as consolidation for the downtrend, another fall towards 108.50 is still possible after the consolidation.
