After touching 76.40 previous low, USDJPY rebound strongly from 76.29, suggesting that a cycle bottom has been formed on daily chart. Range trading between 76.29 and 80.23 would likely be seen in a couple of weeks.
For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.29 and 90.00 would likely be seen in next several months.
