USDJPY breaks above the downward trend line on daily chart, suggesting that a cycle bottom has been formed at 77.66 on daily chart. Further rise to test 80.60 key resistance would likely be seen next week, a break above this level will confirm that the downtrend from 84.17 has completed, then further rise to 83.00 area could be seen. However, as long as 80.60 key resistance holds, the bounce from 77.66 could be treated as consolidation of the downtrend from 84.17, and one more fall to 76.00 area is still possible.
For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 76.00 area would likely be seen over the next several weeks.
