USDJPY breaks below 103.54 previous low support and is back to down trend. Rebound from 103.49 is now treated as consolidation to down trend, and deeper decline is expected to 101.50 zone after consolidation.
For long term analysis, USDJPY formed a cycle top at 110.66 on weekly chart. Pullback towards 100.00 zone to reach next cycle bottom is now in favor. In a bigger picture, the pair formed a long term cycle bottom at 95.77 (Mar 17 low) on monthly chart and is in long term up trend. Further rise towards 120.00 is possible.