USDJPY is forming a cycle bottom at 85.98 level on 4-hour chart. Range trading between 85.98 and 87.00 would more likely be seen. The price action in the trading range is treated as consolidation of downtrend, another fall towards 84.82 (2009 low) is still possible after consolidation, and a breakdown below 85.98 could signal resumption of downtrend.

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