USDJPY is currently trading at a critical support level (93.50) - line highlighted in orange, which from the chart below, is about the mid way point of the wild range of 87 (dec 08 low) and 101 (apr high) we've seen since the crisis started.
Being the centre of all the gyrations in the market, this level has the potential to be the pivot point for the pair going forward.
But for now 93.50 acts as an important support level - it being the neckline for the dec - feb double bottom reversal and supports for March and July sell offs according to the chart. Also, a support line can be drawn from the Dec low to current price and it looks like a nice supportive line for the Jan and Jul sell offs.
From a broader picture however, from April till now, the highs for USDJPY has been getting lower and technically, this spells a bearish market. But going into Sep, we might see some buying. ST resistance should come at a near 95 though, the 50 dma.
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