As expected, USDJPY broke below 91.73 previous low support, further fall to 88.00-90.00 area to reach next cycle bottom on daily chart is possible next week and the next cycle bottom is nearing. Key resistance is now located at 93.29, a break above this level will confirm the cycle bottom.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Further fall to 88.00-90.00 to reach the next cycle bottom is expected in next several weeks.
