USDJPY stays below the falling trend line from 97.78 to 92.53 and remains in downtrend. Deeper decline to test 87.12 long term critical support is possible after consolidation. Only rise above the trend line resistance will suggest that a cycle bottom on daily chart is being formed and the downtrend from 97.78 has completed, however, a break above 92.53 key resistance is needed to confirm the cycle bottom.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Further fall to 88.00 to reach the next cycle bottom is possible.
