USDJPY broke above the downtrend line on daily chart, suggesting that a cycle bottom is being formed at 79.58. Further rally is expected in a couple of weeks, and target would be at 83.00 area. Support is at 79.58, only break below this level could trigger another fall to 78.00 zone.
For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.40 and 90.00 is expected in next several months.
