USDJPY’s downward move from 85.51 extended to as low as 78.22. Further fall towards 76.40 previous low is still possible next week. Key resistance is now at 79.60, only break above this level will indicate that a cycle bottom has been formed on daily chart, and the fall from 85.51 has completed.
For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.40 and 90.00 is expected in next several months.
