USDJPY may be forming a cycle top at 87.56 level on 4-hour chart. Deeper decline towards 86.26 is expected later today, a breakdown below this level will indicate that the downtrend from 89.15 has resumed, then another fall towards 84.82 (2009 low) could be seen. However, as long as 86.26 support holds, sideways consolidation in a range between 86.26 and 87.70 is possible to continue.

width=400