USDJPY remains in uptrend from 101.20, the fall from 104.12 is likely consolidation of the uptrend.

Support is located at the lower line of the price channel on 4-hour chart.

As long as the channel support holds, the uptrend could be expected to resume, and next target would be at 105.00 area.

On the downside, a clear break below the channel support will indicate that the uptrend had completed at 104.12 already, then the following downward movement could bring price back to 101.50 zone.

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen, minus ETF fee. The fund seeks to reflect the price of the Japanese yen with the shares representing a cost-effective investment relative to investing in the FOREX market.

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