Being contained by 79.75 (1995 low) support, USDJPY rebounded from 80.30, and the bounce has extended to as high as 84.18, suggesting that the downward movement from 94.98 has completed. Further rally is expected and next target would be at 85.00-86.00 area. Support is at 82.75 followed by 81.50.
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.
