There is a lot of uncertainty in the market and that should continue to hurt the dollar. From a technical perspective, the USDJPY has been using our 60 min MA as resistance level since August 13th. The move since that time has taken the pair down from around 96.50 to the low today of 93.42. The pair today tested the 93.42 level and this level will need to be breached to ease some of the bearish bias. This could be a clue a short term bottom is in place. A move back toward intraday resistance at the 95.09 level currently (Red MA) cannot be ruled out. A break of the low, should lead to lower levels for the pair down to 93.03.
