USDJPY’s up trend remains. The fall from 108.59 is treated as consolidation to the up trend. Further rise to 112.50 area to reach the next cycle top on daily chart is still possible after consolidation. Key support is at 104.96, only breakdown of this level will signal the resumption of the long term down trend.
For long term analysis, USDJPY is in long term bearish movement, and further fall towards 101.65 (Jan 21, 2005 low) to reach the next cycle bottom on weekly chart is expected.