USDJPY’s upward movement from 77.14 extends to as high as 94.05. Support is located at the upward trend line on daily chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 95.00 area. On the downside, a clear break below the trend line support will indicate that a cycle top has been formed at 94.05, and the uptrend from 77.14 has completed, then pullback to 85.00 area could be seen.
For long term analysis, USDJPY had formed a cycle bottom at 77.14 on weekly chart. Further rise towards 100.00 is possible over the next several weeks.
