USDJPY remains in downtrend from 97.78 and the fall extended further to as low as 90.12 level. Consolidation in a range between 90.12 and 93.29 would more likely be seen next week. As long as 93.29 resistance holds, we’d expect downtrend to continue and deeper decline to 88.00-90.00 area is possible. However, a break above 93.29 key resistance will indicate that a cycle bottom has been formed at 90.12 level on daily chart and downtrend from 94.78 has completed.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Further fall to 88.00-90.00 to reach the next cycle bottom is expected in next several weeks.