USDJPY breaks above 97.23 key resistance, suggesting that a cycle bottom has been formed at 93.85 level on daily chart and now the pair is back to range trading between 93.53 and 101.43. Further rally is possible to re-test 101.43 previous high resistance in a couple of weeks. However, the next cycle top is nearing, pullback would more likely be seen before breaking above this level.
For long term analysis, USDJPY might be forming a cycle top at 101.43 level on weekly chart. Key support is at 93.53, a break below this level will confirm the cycle top.
