FXstreet.com (Barcelona) - Dollar's retreat from 4-month high at 93.75 has found support at 92.85 on European session, and the pair has bounced back above 93.00, reaching levels around 93.20 at the moment of writing.

On a wider perspective, however, Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, expects the pair to remain capped below 94.00: USDJPY has been well bid over the past few sessions, but it still looks like we will remain range bound between the range lows of 91.10 lows and decent supply ahead of 94.00.

On the downside, Rosentreich points out to 91.10 as key support level to resume larger downtrend: A break below 91.10 would indicate a resumption of the larger downtrend that has been in play since mid 2007, but this seems like the less likely scenario in our view. Look for bids ahead of 91.10, and plenty of offers coming in around today's highs at 93.77 to contain the pair.