USDJPY has formed a cycle top at 97.78 level on daily chart. Deeper decline to test 91.73 previous low support is expected in a couple of weeks. Near term resistance is at 97.78, only rise above this level will indicate sideways consolidation in a range between 91.73 and 101.43 is underway, then further rally towards 100.00 could be seen to follow.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Further fall to 89.00-90.00 to reach the next cycle bottom is expected in next several weeks.
