No changed in our view, USDJPY formed a cycle bottom on daily chart, and the fall from 114.77 has completed at 104.96 level. Rebound towards 112.50 area to reach the next cycle top on daily chart could still be expected in the next several days, and a break of 107.91 key resistance will confirm such case. Key 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.
