Being contained by the rising trend line from 87.12 to 88.58, USDJPY rebounds from 89.70. More sideways consolidation between 89.70 and 92.40 could be expected in next several days. Near term resistance is located at 92.40, a break above this level will signal further rally to test 94.61 (Jan 6 high) resistance. Initial support is at 89.70, below this level will indicate that the uptrend from 87.12 has completed, and further fall towards 88.00 could be seen to follow.
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