USDJPY broke below the bottom of the price channel on the daily chart, suggesting that the short term uptrend from 109.77 had completed at 114.54 already. A further decline could be expected and the next target would be at the 110.50 area.
Key support is at 109.77 and a breakdown below this level would confirm that the upside movement from 104.63 is complete; this could trigger further downside movement towards 107.00.
On the upside, as long as 109.77 support holds, the upside from 104.63 could be expected to resume, and another rise towards 115.50 resistance is still possible.
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