USDJPY is in down trend. The fall from 108.59 extends to as low as 102.61. Further decline to test 101.65 (Jan 2005 low) is still possible. Near term resistance is at 105.00, as long as this resistance holds, we’d expect down trend to continue.
For long term analysis, USDJPY is in long term bearish movement. Further fall to 101.65 (Jan 2005 low) to reach the next cycle bottom on weekly chart is now in favor.