USDJPY stays within a downward price channel on daily chart, and remains in downtrend from 84.17. Resistance is located at the upper border of the channel, as long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 78.00 area, 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.
