No changed in our view, USDJPY formed a cycle bottom at 104.96 on daily chart. Further rise towards 112.00 area is still possible after consolidation, and a break of 108.59 will signal the resumption of the up trend. Key support is at 104.96, only breakdown of this level will signal the resumption of the long term down trend.
For long term analysis, USDJPY is forming a long term cycle bottom at 104.96 on weekly chart, and the fall from 124.13 (June 2007 high) has completed. Rise to 113.00 to reach the next cycle top is now in favor.
