USDJPY rebounds sharply from 90.92, however, the rise is treated as correction to down trend. Pullback to retest 90.92 could be seen in next several days, and a break below this level will signal deeper decline to 87.00 zone. Key resistance is located at 103.06, only rise above this level will signal reversal to down trend.
For long term analysis, USDJPY breaks below 95.77 (Mar 17 low) long term key support and is back to long term bearish movement. Further decline to 85.00 zone to reach the next cycle bottom on weekly chart is now in favor.
