After breaking below 86.96 previous low support, USDJPY bounced from 86.26, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 86.26 and 87.50 would more likely be seen in a couple of days. However, the bounce from 86.26 is treated as consolidation of downtrend from 89.15, another fall towards 84.82 (2009 low) is still possible after consolidation.

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