Being supported by the price channel, USDJPY formed a cycle bottom at 105.52 level on daily chart. Further rise above 110.66 is still in favor and a break of 109.18 level will confirm the resumption of up trend. Initial support is at 105.52, below this level will indicate lengthier consolidation is underway and deeper decline would bring price back to test 103.76 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.
