USDJPY moved without trend and formed a sideways consolidation in a range between 104.98 and 108.58. As long as 104.98 support holds, we’d expect up trend to resume and further rise to 112.00 area is possible after consolidation. Only fall below 104.98 level will turn price back to 103.00 area.
For long term analysis, USDJPY formed a long term cycle bottom at 95.77 on weekly chart. Further rise to 110.00 to reach next cycle top is in favor.
