After touching the rising trend line from 93.53 to 95.62, USDJPY pulls back from 97.23 level, suggesting that a cycle top has been formed on daily chart. Deeper decline to retest 93.53 long term key support could be seen 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.
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.
