USDJPY may be forming a cycle bottom at 81.19 on 4-hour chart. Further rally to test the resistance of the downward trend line could be expected, a clear break above the trend line resistance will indicate that the downtrend from 84.17 has completed. On the other side, as long as the trend line resistance holds, the rise could be treated as consolidation of the downtrend, and one more fall towards 80.00 is still possible after consolidation.

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