No changed in our view, USDJPY is in up trend, and the fall from 102.94 is treated as consolidation to the up trend. As long as the key support at 98.55 holds, we’d expect up trend to resume and further rally to 105.00 area to reach the next cycle top on daily chart is still in favor. Only break below 98.55 key support will signal the resumption of the long term down trend.
For long term analysis, USDJPY broke below the long term support at 101.65 (Jan 2005 low). Further fall to 90.00 area to reach the next cycle bottom on weekly chart is in favor.