After touching 121.84 (Dec 8, 2014 high) resistance, USDJPY pulled back from 122.02. However, the fall is likely consolidation of the uptrend from 118.23. Support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 125.00 area. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 122.02 already, then the following downward movement could bring price back to 116.50 – 117.00 area.
