The price of USD/JPY has broken through the lower boundary of the rising channel, and was able to overcome the local minimum at 123.75. This fact was the confirmation of the signal for opening short positions. Currently quotes are consolidated near the level of 123.00, and according to our forecast will continue to decline until the next targets at 121.50 and 120.20. Within the correction quotations may grow up to resistance at 123.75. We keep medium-term positive outlook, but at this point we recommend to keep the short positions with a stop above 124.00.