USDJPY broke below 96.84 support and reached 96.56 only last Friday, suggesting that a sort term cycle bottom is being formed. Range trending between 96.56 and 99.67 would more likely be seen in a couple of days. However, the price action from 98.70 is treated as consolidation of the medium uptrend from 87.12 (Jan 21 low), further rise to 102.00 zone is still possible after consolidation, and a break above 99.67 previous high will signal resumption of the uptrend.
