USDJPY breaks above 81.19 resistance and reaches as high as 81.37, suggesting that a cycle bottom has been formed at 80.31 on 4-hour chart. Further rise could be seen in a couple of days, and the fist target would be at the upper line of the price channel. As long as the channel resistance holds, the bounce is treated as consolidation of the downtrend from 84.17, and another fall is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the fall from 84.17 has completed at 80.31 already, then the following upward movement could bring price to 83.00 area.

usdjpy