USDJPY is forming a cycle bottom at 83.62 level on daily chart. Range trading between 83.62 and 85.90 would more likely be seen in next several days. As long as 85.90 resistance holds, downtrend from 92.88 is expected to continue and one more fall towards 80.00 is still possible. Support is at 83.62, a break below this level will signal resumption of downtrend.
For long term analysis, USDJPY has formed a cycle top at 94.98 level on weekly chart. Drop to 80.00 is still possible after consolidation.
