As expected, USDJPY formed a cycle bottom at 93.53 level on daily chart. Range trading between 93.53 and 99.67 would more likely be seen in a couple of weeks. However, the price action from 99.67 is treated as consolidation of the medium term uptrend from 87.12, one more rise to 103.00 is still possible after consolidation.
For long term analysis, USDJPY formed a cycle bottom at 87.12 on weekly chart. Further rise to 103.00 zone to reach the next cycle top is expected.
