Being contained by 80.61 resistance, USDJPY pulls back from 80.37, suggesting that a cycle top is being formed on daily chart. Range trading between 79.00 and 80.61 would likely be seen next week. Support is at 79.00, as long as this level holds, the fall from 80.37 could be treated as consolidation of the uptrend from 77.14, another rise to test 80.61 resistance is still possible, a break above this level could bring price to 85.00 zone. On the downside, as long as 80.61 resistance holds, the price action from 77.66 would possibly be consolidation of the downtrend from 84.17, and another fall towards 75.75 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.
