USDJPY might be forming a cycle top at 98.88 level on daily chart. Deeper decline would more likely be seen in next several days. Near term resistance is located at 98.88, a break above this level will signal further rally to re-test 101.43 previous high resistance.
For long term analysis, USDJPY might be forming a cycle top at 101.43 level on weekly chart. Key support is at 93.53, a break below this level will confirm the cycle top.
