Being contained by the resistance of the downward trend line on daily chart, USDJPY pulled back from 107.48, indicating that the pair remains in downtrend from 123.75 (Nov 18, 2015 high), and the bounce from 98.97 could be treated as consolidation of the downtrend. Resistance is now at 107.48, as long as this level holds, the downtrend could be expected to continue, and next target would be at 95.00 area. Only break above 107.48 resistance could signal completion of the downtrend.
