USDJPY’s fall from 79.52 extended to as low as 77.04, suggesting that a cycle top had been formed on daily chart. Range trading between 75.57 and 79.52 would likely be seen over the next several weeks. As long as 75.57 key support holds, the fall from 79.52 is treated as correction of uptrend from 75.57, and another rise towards 85.00 is still possible.
For long term analysis, USDJPY had formed a cycle bottom at 75.57 on weekly chart. Further rally towards 85.00 would likely be seen over the next several weeks.
