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USDJPY’s bounce from 88.14 extended further to as high as 90.82. However, another fall towards 89.63 key support is still possible later today, a breakdown below this level will indicate that the downtrend from 93.75 (Jan 7 high) has resumed, then deeper decline could be seen to 87.00-87.50 area. Resistance is now at the falling trend line from 93.75 to 92.14, only a clear break above the trend line resistance could indicate that the fall from 93.75 has completed at 88.14 already.
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