USDJPY is forming a cycle bottom at 104.96 on daily chart, key resistance is at 107.91, a break above this level will confirm the cycle bottom, and further rise towards 114.77 is expected to follow. Near term support is at 104.96, only breakdown of this level will signal the resumption of the down trend.

For long term analysis, USDJPY is in long term bearish movement, and further fall towards 101.65 (Jan 21, 2005 low) to reach the next cycle bottom on weekly chart is expected.