USDJPY breaks below 86.96 support, suggesting that a cycle top has been formed at 89.15 level on daily chart. Further fall towards 84.82 (2009 low) support would more likely be seen next week, a breakdown below this level will confirm that the long term downtrend from 124.16 (2007 high) has resumed. Resistance is at the falling trend line on daily chart, now at 88.70, as long as this level holds, downtrend will continue.
For long term analysis, USDJPY has formed a cycle top at 94.98 level on weekly chart. Drop to 80.00 is expected in next several weeks.
