USDJPY’s short term downtrend from 115.50 extended to as low as 112.90. Deeper decline to test 111.59 support is still possible after a minor consolidation. Resistance is located at the top of the price channel on 4-hours chart, only a clear break above the channel resistance will indicate that the short term downtrend had completed at 112.90 already, then the following upward movement could bring price to 116.00 zone.
