USDJPY breaks below 90.12 support and reaches as low as 89.51, suggesting that a cycle top has been formed at 92.53 level on daily chart. Now the downtrend from 97.78 has resumed. Deeper decline is expected next week and target would be at 88.00 zone. Key resistance is now located at 92.53, above this level will indicate that the downtrend from 97.78 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.
