USDJPY might be forming a cycle bottom at 107.89 level on daily chart. Rebound towards 112.00 area is expected next week. Key support is at 107.21, only fall below this level will signal the resumption of the down trend.
For long term analysis, the pair formed a long term cycle bottom at 107.21 on weekly chart, as long as 107.21 support holds, rise towards 124.13 (June 22 high) is in favor.
