This morning, the USDJPY pair passed the 111.00 mark for the first time this week. This is reflected on the hourly timeframe (H1) by a breakout attempt of the downwards channel:
If the USDJPY pair manages to pull this off in the coming hours, there’s an increased likelihood of the uptrend resuming on the H4 timeframe. This will mean a return to the confines of the upwards channel on H4 shown here:
At the time of writing, the USDJPY pair is trading at 111.07.