USDJPY’s bounce from 111.59 extended to as high as 114.16. Further rise to the top of the price channel on 4-hour chart is possible. As long as the channel resistance holds, the price action from 112.56 could be treated as consolidation of the downtrend from 118.66 (Dec 15, 2016 high) and another fall to 110.00 area could be expected after consolidation. Key resistance is at 115.62, only break above this level will confirm that the downtrend had completed at 111.59 already, then the following upward movement could bring price to 118.00 zone.
