USDJPY is in consolidation to down trend. Rise towards 108.50 to reach the next cycle top on daily chart is expected next week. Initial support is at 103.49, a break of this level will signal resumption of down trend, and deeper decline could be seen to 101.50 zone.
For long term analysis, USDJPY formed a cycle top at 110.66 on weekly chart. Pullback towards 100.00 zone to reach next cycle bottom is now in favor. In a bigger picture, the pair formed a long term cycle bottom at 95.77 (Mar 17 low) on monthly chart and is in long term up trend. Further rise towards 120.00 is possible.