USDJPY might be forming a cycle bottom at 86.96 level on 4-hour chart. Range trading between 86.96 and 88.35 would more likely be seen. Now the long term key support at 88.14 (Mar 4 low) is broken below, implying downtrend from 124.16 (2007 high) has resumed, long term target is expected at 80.00 area.