As expected, USDJPY broke above 105.70 previous high resistance. Further rise to 106.60 area to reach the next cycle top on daily chart is expected next week, and the next cycle top is nearing. Near term support is at the rising price channel, and key support is located at 102.58, a break of this level will signal reversal to the up trend.
For long term analysis, USDJPY broke below the long term support at 101.65 (Jan 2005 low). Further fall to 90.00 area to reach the next cycle bottom on weekly chart is possible.
