Technical Trading Tips and Techniques by 
(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)
As of early Tuesday morning (10/28/2008) in New York, USD/JPY (a daily chart of which is shown) rebounded in a major way during Asian trading, purportedly due to reports of potential yen intervention and a rebound in the Nikkei Index. From a technical perspective, price has just turned up from oversold, hinting at a possible change in directional momentum. This week should tell if this turn becomes a true bottom reversal or is just another correction in the overall downtrend. Major support to the downside remains in the key 90.90 region, which is the recent historical low. Any continued upward momentum on this correction should target initial resistance around the 98.50 region, a previous support level.
UPDATE: As of Tuesday afternoon in New York, bullish rebound action on this pair has not abated. Price has blown well past the 95.75 barrier, potentially on its way up to the 98.50 support/resistance level as mentioned above.
UPDATE 2: As of late Tuesday afternoon in New York, price has indeed come only 10 pips shy of reaching the resistance target of 98.50, as noted above, before retreating.
Update 3: As of early Wednesday morning in New York, price has surpassed and then retreated substantially from the 98.50 resistance in late trading on Tuesday.