USDJPYs downward movement from 92.88 extended to as low as 83.34. Key resistance is now at 85.89, as long as this level holds, downtrend is expected to continue and deeper decline to 82.00 is still possible. However, a break above 85.89 will indicate that the fall from 92.88 has completed at 83.34 already, then the following upward move could bring price back to 87.50 area.
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.
