USDJPY's down trend from 108.59 extends to as low as 95.77. The rebound from 95.77 suggests that the pair is forming a cycle bottom on daily chart. Consolidation could be seen in a range between 95.77 and 103.59 in the next several days. Key support is at 95.77, only break of this level will signal the resumption of the down trend, and deeper decline to 92.00 area is expected to follow.

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 still in favor.