USDJPY may be forming a cycle top at 88.40 on 4-hour chart. Pullback to the lower line of the price channel would likely be seen. As long as the channel support holds, the fall is treated as consolidation of the uptrend from 82.11, and another rise towards 89.00 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 77.14 (Sep 13, 2012 low) is underway, then deeper decline to 86.00 area could be seen.
