USDJPY is forming a sideways consolidation in a range between 108.36 and 110.66. As long as 108.36 support holds, we’d expect up trend to resume, and further rise is still possible to 112.00 level after consolidation. Only break of 108.36 level will indicate that a cycle top on daily chart has been formed at 110.66 level, and then pullback could be seen to retest 103.76 previous low support.
For long term analysis, USDJPY formed a long term cycle bottom at 95.77 (Mar 17 low) on monthly chart and is now in long term up trend. Further rise towards 120.00 is in favor.
