USDJPY might be forming a short term cycle top

Franco Shao from ForexCycle.com at 12/29/09

 

USDJPY might be forming a short term cycle top at 91.86 level on 4-hour chart. Pullback towards the lower border of the rising price channel would more likely be seen later today. Resistance is located at 91.86, only rise above this level could indicate that the uptrend from 87.37 has resumed, then further rally could be seen to re-test 92.32 (Oct 27 high) resistance.