Being supported by the previous low at 107.21, USDJPY rebounded from 107.89. Sideways consolidation is expected in the next several days, and further rise towards 114.00 will more likely be seen after consolidation. On the other side, if 107.21 gives way, the pair will find support at 105.00 area.
For long term analysis, the pair formed a long term cycle bottom at 107.21 on weekly chart, as long as 107.21 support holds, rise towards 124.13 (June 22 high) is in favor.
