The price of USD/JPY declines within the local rising channel after reaching the top of the channel. Currently quotes approached the lower boundary of the channel and in the near future can rebound from it and reach resistance at 108.50. We recommend opening long positions with the target near 110.00. The fall is limited by levels 107.00 and 105.40. The growth of price volatility is expected on Wednesday after the Fed statement on monetary policy. Our medium and long term forecasts remain positive with the objectives 110.00, 112.00 and 115.00.