USDJPY remains in downtrend from 97.78 and the price action from 93.67 is treated as consolidation of downtrend. Deeper decline is still possible later today, next target would be at 93.25 zone, and a break below 93.67 will signal resumption of downtrend. Near term resistance is at 94.55, as long as this level holds, downtrend will continue. However a break above 94.55 level will suggest that a short term cycle bottom has been formed on 4-hour chart, then further rise could be seen to 95.00 zone.