USDJPY might be forming a cycle bottom at 104.98 on daily chart. Further rise to test 108.58 previous high resistance is expected, a break above this level will confirm the cycle bottom, and next target would be at 111.00. Initial support is at the lower boundary of the price channel and followed by 104.98, only fall below 104.98 level will signal resumption of down trend.
For long term analysis, USDJPY formed a long term cycle bottom at 95.77 on weekly chart. Further rise to 110.00 to reach next cycle top is in favor.
