USDJPY is in uptrend from 80.30, the price action from 84.40 is treated as consolidation of uptrend. Pullback to 82.00-83.00 area to complete the consolidation is expected next week. Resistance is at 85.00, a clear break above this level will suggest that the uptrend has resumed, then next target would be at 87.50 area.
For long term analysis, USDJPY has formed a cycle bottom at 80.30 level on weekly chart. Rise to 90.00 area to reach next cycle top is expected in next several weeks.
