USDJPY might be forming a cycle top at 94.61 on daily chart. Pullback to test 89.72 key support is expected in next several days. A break below this level will indicate that the rebound from 87.13 has completed, and the following downtrend will take price back below 87.13 previous low. However, above 94.61 will signal further rally to 96.00 zone.
For long term analysis, USDJPY is in long term bearish movement. The price action from 90.92 is treated as consolidation to down trend. Further fall is expected to test 79.75 (1995 low) support.
