USDJPY broke above the upper line of the price channel on 4-hour chart, suggesting that consolidation of the downtrend from 105.44 is underway. Further rally would likely be seen and the target would be at 103.50 area. However, as long as 103.50 resistance holds, the downtrend could be expected to resume, and one more fall towards 95.00 is still possible after consolidation. Only break above 103.50 resistance could signal completion of the downtrend.
