USD/JPY fell all the way to test the panic lows from October amid the worst of the financial crisis before regaining its footing. Prices have scurried back above 88.00 after holding those important support levels.
Should 87.10/15 anytime soon, the 85.00 level becomes the next focus. Very large exotic option triggers are rumored at that level.
On rebounds today, 88.45 is now resistance with more substantial resistance in the 89.65 region.