USDJPY is in down trend. The fall from 114.77 extended to as low as 104.96, and further decline towards 104.00 area to reach the next cycle bottom on daily chart is still possible after consolidation. Near term resistance is at 107.91, only break above this level will signal the reversal to the down trend.
For long term analysis, USDJPY is in long term bearish movement, and further fall towards 101.65 (Jan 21, 2005 low) to reach the next cycle bottom on weekly chart is expected.
