USDJPY rebounds from 97.91 level and is moving to the next cycle top on daily chart. However, the next cycle top is nearing. Pullback could be seen to retest 97.91 previous low support in next several days.
For long term analysis, USDJPY formed a cycle top at 110.66 on weekly chart. Pullback towards 95.77 (Mar 17 low) to reach next cycle bottom is now in favor. In a bigger picture, the pair formed a long term cycle bottom at 95.77 on monthly chart and is in long term bullish movement. Further rise towards 120.00 is still possible after testing 95.77 level.
