USDJPY’s downtrend from 97.78 extended further to as low as 91.94 level. Small consolidation is expected next week, before breaking below 91.73 previous low support. However, deeper decline towards 89.00-90.00 area would more likely be seen after consolidation.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Further fall to 89.00-90.00 to reach the next cycle bottom is expected in next several weeks.
