USDJPY remains in downtrend from 120.47, the bounce from 118.23 could be treated as consolidation of the downtrend. Another fall to test 118.23 support could be expected, a breakdown below this level could signal resumption of the downtrend, then next target would be at 116.50 area.
![usdjpy chart](https://www.forexcycle.com/wp-content/uploads/2015/20150223_USDJPY_1.png)