USDJPY has formed a cycle bottom at 88.01 level on daily chart. Further rise is now in favor and next target would be at the upper border of the price channel on daily chart, a clear break above the channel resistance will confirm that the downward trend started from 101.43 (Apr 6 high) has completed at 88.01 level already. Support level is at 90.07, below this level could take price back to retest 88.01 support.
For long term analysis, USDJPY might be forming a cycle bottom at 88.01 level on weekly chart. Key resistance is at 92.53, a breakout of this level will confirm the cycle bottom.
