USDJPY breaks above the previously mentioned price channel resistance, suggesting that a short term cycle bottom has been formed at 95.62 level on 4-hour chart and the downtrend from 101.43 has completed. Further rally is still possible to test 99.74 resistance later today. Near term support is at 98.50 followed by 98.00, as long as 98.00 level holds, we’d expect the short term uptrend from 95.62 to continue.
