USDJPY broke above the downtrend line from 94.98 to 85.92, suggesting that a cycle bottom has been formed at 80.30 level on daily chart, and the downward movement from 94.98 has completed. Further rally is expected in a couple of weeks, and the next target would be at 85.00-86.00 area.
For long term analysis, USDJPY may be forming a cycle bottom at 80.30 level on weekly chart, key resistance is at 86.00, a break above this level will confirm the cycle bottom.
