FXstreet.com (Jakarta) - USDJPY might be forming a short term cycle bottom at 99.31 level on 4-hour chart. Key resistance is located at 100.85, a break above this level will confirm the cycle bottom. Range trading between 99.31 and 101.43 is expected in next several days.
The price action in this range is treated as consolidation of the uptrend from 93.53 (Mar 19 low), we are waiting for a break of 101.43 to confirm the resumption of the uptrend, said Franco Shao, analyst at ForexCycle.com.
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