After breaking above the trading range between 89.63 and 91.08, USDJPY bounced sharply to as high as 92.95 level, suggesting that the rise from 88.14 could possibly be resumption of uptrend. Further rally to test 93.75 key resistance is expected next week, a break above this level will indicate that the pair is in a longer term uptrend from 84.82, then another rise towards 100.00 could be seen.
For long term analysis, USDJPY formed a cycle top at 93.75 level on weekly chart. However, the fall from 93.75 is more likely consolidation of uptrend, another rise towards 100.00 area would more likely be seen in next several weeks.
