USDJPY stays below a downtrend line and remains in downtrend from 85.51. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 78.00-79.00 area. However, a clear break above the trend line resistance will indicate that a cycle bottom is being formed at 79.58 on daily chart, then the following upward move could bring price to 82.50-83.00 area.
For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.40 and 90.00 is expected in next several months.
