The price of USD/JPY was not able to continue to decline after reaching the support level at 108.00 and some consolidation around this level. As a result, the price broke the upper limit of the local downward channel and in the near future may continue to grow to 109.00. Overcoming this local maximum will confirm the signal to buy with the objectives at 111.00 and 112.15. In case of continued negative dynamics, the price may fall to 106.60 and 105.00. Our medium-term outlook remains positive, but we recommend to wait for a confirmation of the buy signal with a stop below 108.00.