USDJPY may be forming a cycle bottom at 77.14 on daily chart. Further rise to test the resistance of the downtrend line from 80.61 to 79.65 could be expected next week, a clear break above the trend line resistance will indicate that the downtrend from 80.61 has completed at 77.14 already, then next target would be at 80.00 area. However, as long as the trend line resistance holds, the rise from 77.14 could possibly be consolidation of the downtrend, and one more fall towards 76.00 is still possible.
For long term analysis, USDJPY remains in downtrend from 84.17. Further decline towards 75.75 (Oct 31, 2011 low) previous low could be expected over the next several weeks.
