Yesterday USDJPY broke of consolidation. In which price remained for a week. Move down was stopped on suport level at 123.68. Attempt of greater rebound did not succeed and USDJPY is moving in a narrow channel between support and resistance: 123.75 – 124.10.
At the daily interval situation looks more bullish. Since the beginning of this year , the price is moving in an upward trend. Descent that took place in June 2015 took the form of a simple correction ABCD.