USDJPY remains in the short term downtrend from 80.67, the rise from 79.07 would possibly be consolidation of the downtrend. Another fall could be expected after consolidation, and the target would be at 78.80 area. However, the fall from 80.67 is likely consolidation of the longer term uptrend from 77.14 (Sep 13 low), one more rise to 82.00 area is still possible after consolidation. Resistance is now at 79.65, a break above this level will indicate that a cycle bottom has been formed at 79.07 on 4-hour chart, and the short term downtrend from 80.67 has completed, then the following upward movement could bring price to 81.00 zone.
