After touching the falling trend line on daily chart, USDJPY dropped sharply from 88.11, suggesting that the downtrend from 92.88 has resumed. Deeper decline is expected next week and target is at 84.82 (2009 low). Key resistance is now located at 88.11, only rise above this level could indicate that the fall from 92.88 is complete.
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.
