Being contained by 100.75 (Feb 4 low) support, USDJPY rebounded from 100.83. Resistance is now at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the rise from 100.83 could be treated as consolidation of the downtrend from 103.02, one more fall to re-test 100.75 support is still possible. On the upside, a clear break above the channel resistance will signal completion of the downtrend from 103.02, then the following upward movement could bring price to 103.50 area.
