The price of USD/JPY continues to grow within the local descending channel after rebounded from the level of 111.00. In the near future the price will reach the angled resistance line and then can continue the upward dynamics to the level of 114.70. Overcoming this level will be a strong stimulus to continue the growth to 117.00, 118.80 and 121.50. In case of correction quotations will return to 113.00 and the lower boundary of the local rising channel. Our medium-term outlook remains positive, and the current growth is likely to continue in the near future.