USDJPY’s downtrend from 101.43 extends further to as low as 93.85 level. Deeper decline to test 93.53 long term key support is expected next week. A break down below this level will indicate that a cycle top has been formed at 101.43 level on weekly chart and the rise from 87.12 (Jan 21 low) has completed, and then further fall could be seen to 90.50-91.00 area. Near term resistance is now at 96.69, only break above this level will take price back to 98.00-99.00 zone.
For long term analysis, USDJPY might be forming a cycle top at 101.43 level on weekly chart. Key support is at 93.53, a break below this level will confirm the cycle top.
