By | March 27 2010 11:45 AM

USD/JPY surged to as high as 92.94 last week and the strong break of 92.14 resistance confirms that consolidation from 93.74 has completed with three waves down to 88.13 and whole rally from 84.81 is resuming. USD/JPY lost some momentum after hitting 100% projection of 88.13 to 91.08 from 89.83 at 92.78. Initial bias is neutral this week and some consolidations might be seen first. Nevertheless, downside should be contained well above 91.08 resistance turned support and bring rally resumption. Above 9.294 will bring retest of 93.74 high next.