USDJPY’s down trend remains and dropped sharply to as low as 98.89. Further fall to 96.00 area to reach the next cycle bottom on daily chart is still possible next week. Key resistance is now at 103.59, a break of this level will confirm the cycle bottom.
For long term analysis, USDJPY broke below the long term support at 101.65 (Jan 2005 low). Further fall to 90.00 area to reach the next cycle bottom on weekly chart is still in favor.
