USDJPY TECHNICALS: Bulls Focused On Channel Top *RES 4: Y124.97 Rising daily channel top *RES 3: Y124.20 Bollinger band top *RES 2: Y124.17 High Aug 20 *RES 1: Y123.76 High Nov 18 *PRICE: Y123.28 @ 0530GMT *SUP 1: Y123.10 Hourly support Nov 19 *SUP 2: Y122.90 Hourly support Nov 16 *SUP 3: Y122.64 Rising daily channel base  *SUP 4: Y122.21 Low Nov 16 *COMMENTARY: The bounce from last week's low and from ahead of the rising daily channel base has resulted in fresh 3 month highs with bulls remaining focused on the rising daily channel top around Y124.97. The Y122.90 support remains key with bears needing a close below to ease bullish pressure and shift immediate focus back to the channel base around Y122.64. Overall a close below the 200-DMA (Y121.34) is needed to target a deeper correction.