USDJPY might be forming a cycle bottom at 104.96 on daily chart. However, a break of the key resistance at 107.91 is needed to confirm the cycle bottom. Up trend will resume if 107.91 gives way, and further rise towards 114.77 previous high is then expected to follow. Near term support is at 104.96, only breakdown of this level will signal the resumption of the down trend.
For long term analysis, USDJPY is in long term bearish movement, and further fall towards 101.65 (Jan 21, 2005 low) to reach the next cycle bottom on weekly chart is expected.