USDJPY dropped sharply and broke below 87.12 (Jan 21 low). However, the fall from 101.43 is limited by the lower border of falling price channel on daily chart. Range trading between 84.82 and 90.00 would more likely be seen in next several weeks.
For long term analysis, USDJPY broke below 87.12 (Jan 21 low), suggesting that the pair remains in downtrend from 101.43, however next cycle bottom on weekly chart is nearing, rebound towards 100.00 could be seen after breaking above 90.00 level.
