USDJPY’s downward movement extends to as low as 78.99. Resistance is now at the downtrend line on daily chart, as long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 78.00 area, only a clear break above the trend line could signal completion of the downtrend.
For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 77.00 area would likely be seen over the next several weeks.
