USDJPY is forming a sideways consolidation in a range between 93.53 and 101.43. Fall down to re-test 93.53 key support is expected next week. A break below this level will signal deeper decline to 90.00 zone. Near term resistance is now at 97.00, as long as this level holds, we’d expect the downtrend from 98.88 to continue.
For long term analysis, USDJPY might be forming a cycle top at 101.43 level on weekly chart. Key support is at 93.53, a break below this level will confirm the cycle top.
