Being contained by 79.58 support, USDJPY rebounded from 79.69, suggesting that a cycle bottom is being formed on 4-hour chart. Further rally would likely be seen later today, and target would be at the upper border of the price channel. As long as the channel resistance holds, downtrend could be expected to resume, and another fall towards 78.00 is possible. Only a clear break above the channel resistance could indicate that the fall from 82.22 had completed at 79.69 already, then the following upward move could bring price back to 81.50-82.00 area.
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