No changed in our view, USDJPY remains in downtrend from 84.17. Resistance is at the upper line of the price channel on daily chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 78.00 area. On the upside, a clear break above the channel resistance will indicate that the downtrend from 84.17 has completed, then the following upward movement could bring price back to 83.00 zone.
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.
