USDJPY broke below 103.76 previous low support and rebounded from 103.54 level. The pair might be forming a cycle bottom on daily chart. Further rise towards 109.18 is now in favor in next several days and sideways consolidation in a range between 103.54 and 110.66 could be seen in a couple of weeks. Only fall below 103.54 will signal deeper decline to 102.50 zone.
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.