USDJPY trades in a range between 90.12 and 91.62. As long as 91.62 resistance holds, the price action from 91.20 is treated as consolidation of downtrend from 97.78, and deeper decline to 89.00-89.50 area is possible. However, a break above 91.62 will indicate that a short term cycle bottom has been formed at 90.12 and the downtrend from 97.78 has completed, then the following uptrend will take price back to 94.00 zone.

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