After breaking above the resistance of the falling price channel on daily chart, USDJPY pulls back from 97.78, suggesting that a cycle top is being formed. Deeper decline to test 94.36 key support is now in favor and a break down below this level will confirm the cycle top.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Further fall to 89.00-90.00 to reach the next cycle bottom is expected in next several weeks.
