The USDJPY pair has been trading in a downward channel for two weeks. Both bulls and bears are trying to push the exchange rate their way. The US dollar has been falling for almost a year now and it seems that the bulls are trying to step in and force the price higher. If the bulls succeed in pushing the price above the upper boundary of the channel, it could test the previous top (C). The next resistance levels would be around 104.60 (B) and 105.50 (A). If the bears continue to be stronger and push the price below the lower boundary of the channel, it could test the previous low around 102.70 (D).