USDJPY is facing the resistance of the downward price channel on 4-hour chart. As long as the pair stays in the channel, the price action from 112.56 could be treated as consolidation of the downtrend from 118.66 (Dec 15, 2016 high), and another fall towards 110.00 could be expected after consolidation. Key resistance is at 115.62, only break above this level will indicate that the downtrend had completed at 111.59 already, then the following upward movement could bring price to 118.00 zone.
