USDJPY is forming a sideways consolidation in a range between 104.96 and 107.91. Further pullback towards 104.96 previous low to reach the next short term cycle bottom on 4-hour chart is still possible in a couple of days. Key support is at 104.96, only break below this level will signal the resumption of the down trend. Near term resistance is at 107.45, and key resistance is at 107.91, a break above 107.91 level will indicate that the down trend from 114.77 (Dec 27, 2007 high) has completed at 104.96 level, and further rally towards 111.00 area is expected to follow.
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