USDJPY stays in a rising price channel on its 4-hour chart. As long as the channel support holds, the sideways movement in a trading range between 112.21 and 113.25 could be treated as consolidation of the uptrend from 107.31 and another rise to 114.00 area could be expected after the consolidation. On the downside, a break through the bottom support trend line of the channel could bring price to next support level at 112.21. If this level gives way, the pair would find support at 111.47. This level is the key support of the uptrend from 107.31. Below here would indicate that the upward movement had completed at 113.25 already, then the following correction pullback could take price towards 109.54.

usdjpy 4-hour chart


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