USD/JPY 4H Chart: Channel Down

It seems that after the recent rally (from 13th of June till 7th of July) the time has come for some bearish correction. However, recent bounce from 98.2 JPY and aggregate readings from medium to long term technicals raises some questions. In the short term we should see another sell off (suggested by the Stochastic indicator), but it is unclear if it would manage to push the pair lower. In addition to this, we have market sentiments which hasn't' really dropped below the 70% (bullish) gauge in the past month or so; majority of pending orders are set to go long as well.