USDJPY’s fall from 101.43 extends further to 96.63 level. Deeper decline is still possible next week and next target could be seen to 95.00-95.50 area. However, the price action from 99.67 is more likely consolidation of the medium term uptrend from 87.12, further rise towards 105.00 is still possible after consolidation. Initial resistance is at 98.50 followed by 98.90, a break above 98.90 level will indicate that the fall from 101.43 has completed.
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.
