The facts as we know them are the following; USD/JPY is in a significant downtrend but it has formed an interim base in the form of a double bottom at 87.10. The break above the bearish trendline now sees us testing important chart resistance in the form of a daily top at 94.65. Above there sees the 38.2% retracement of 110.60/87.10, (which is at 96.15), come into focus. My interpretation is that the double-bottom must be respected and further gains are likely towards 100.55/103.05. Do not be buying today close to the 94.65 level. Wait until it clearly breaks and then buy subsequent dips.