USDJPY ran in the descending price channel on 4-hours chart and the downward movement from 115.50 extended to as low as 110.73. Near resistance is at the top of the price channel. As long as the channel resistance holds, the downtrend could be expected to continue and next target would be at 110.00 area. Key resistance is at 112.89, only break above this level could signal completion of the short term downtrend.