USDJPY breaks below 104.96 and drops sharply to as low as 103.67 level. Deeper decline to test 101.65 (Jan 2005 low) is still possible. Near term resistance is at 106.60, 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.