USDJPY stays within a downward price channel on daily chart, and remains in downtrend from 84.17. Further decline would likely be seen over the next several days, and next target would be at 79.00 area. Resistance is located at the upper line of the channel, only a clear break above the channel resistance could signal completion of the downtrend.
For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 78.00 area would likely be seen over the next several weeks.
