USD/JPY stays below a descending trend line on its 4-hour chart and remains in downtrend from 114.49. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 111.50 area.

On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 112.26 already, then the following upward movement could bring price to 113.80 area.