Being contained by the support of the lower border of the price channel on daily chart, USDJPY rebounds from 91.73 level, and the rise from 91.73 extends to as high as 95.29 level, suggesting that a cycle bottom has been formed at 91.73 level on daily chart. Further rally is expected next week and target would be at the upper border of the falling price channel. However, the rise from 91.73 is treated as consolidation of downtrend from 101.43, pullback would more likely be seen before breaking above the upper border of the price channel, and one more fall to 90.00 zone is still possible.
For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Consolidation in a range between 87.12 and 101.43 is expected in next several weeks.
