USDJPY might be forming a short term cycle top at 98.86 level on 4-hour chart. Key support is now at 96.99, a break below this level will indicate that the cycle top has been formed and the rise from 93.53 has completed, and then pullback to 95.00 is expected to follow. Key resistance is located at 99.67, above this level will suggest that the medium term uptrend from 87.12 (Jan 21 low) has resumed, and then further rally could be seen to 104.00 zone.
