Being contained by the long term key support at 93.53 (Mar 19 low), USDJPY rebounds from 93.85 level. However, the rise from 93.85 is treated as consolidation of the short term downtrend from 96.69. Range trading between 93.85 and 95.25 is expected later today. Deeper decline below 93.53 key support is in favor after consolidation and the next target would be at 92.00 level. Near term resistance is now located at 95.25, a break above this level will indicate that the fall from 96.69 has completed, and then further rally is possible to 96.00 level.
