USDJPY’s rise from 76.40 extended to as high as 84.71. Further rise to 86.00-87.00 area to reach next cycle top on daily chart is possible. Support is now at 83.00, a breakdown below this level will indicate that a cycle top is being formed, then pullback to 80.00 area could be seen.
For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.40 and 95.00 is expected in next several months.
