USDJPY is facing the support of the lower line of the price channel on 4-hour chart.

As long as the channel support holds, the fall from 104.12 could be treated as consolidation of the uptrend from 101.20, one more rise to 105.00 area is still possible.

On the downside, a clear break below the channel support will signal completion of the uptrend, 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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