USDJPY formed a cycle bottom at 80.93 level on daily chart. Further rise to 85.50 area to reach next cycle top is possible next week. Support is at 81.85, a breakdown below this level will indicate that lengthier consolidation in a trading range between 80.30 and 84.50 is underway.
For long term analysis, USDJPY is in consolidation of downtrend. Further rally is possible in next several weeks and target would be at 85.50 area.
