USDJPY continued its downward movement from 115.50 and the fall extended to as low as 110.25. Further decline is still possible after a minor consolidation and next target would be at 109.00 area. Near term resistance is at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend will continue. Key resistance is now at 111.57, only break above this level could signal completion of the downtrend.