USDJPY pulled back from 99.67, suggesting that a cycle top has been formed on daily chart. Moving sideways in a range between 95.00 and 100.50 is expected in a couple of weeks. The price action from 99.67 level is more likely consolidation of the medium uptrend from 87.12, as long as 95.00 support holds, we’d expect uptrend to resume and further rise to 102.00 is still possible after consolidation.
For long term analysis, USDJPY formed a cycle bottom at 87.12 on weekly chart. Further rise to 105.00 zone to reach the next cycle top is expected.
