The price of USD/JPY after the steady growth within the local rising channel reached the inclined resistance line, but could not overcome it and began to correct downwards. As a result, the price broke through the lower boundary of the rising channel and fell to the nearest support level at 112.15. Currently quotes are above this mark, but in case of the rebound can return to the angled line of resistance and continue to grow to 114.70. The fall in the near future is limited by the level of support at 111.00. Our medium-term outlook remains positive with the objectives at 117.00, 118.80 and 121.50.