USDJPY formed a trading range between 102.58 and 105.70 for several weeks. Break above 105.70 resistance would more likely be seen in a couple of days and further rise to 106.60 area to reach the next cycle top on daily chart is expected to follow.
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 possible.
