USD/JPY - Looking at the long term picture for USD/JPY the major downtrend is still intact, but could a cyclical bottom be in place? A break above 84.18 and more importantly a break above the reflexion point at 85.52 will be the first good indication, that a major bottom indeed could be in place. A break above the reflexion point at 85.52 will call for a rally towards the apex of the 4-wave Triangle at 114.20.
Short term we have a strong support at 80.55, which ideally will protect the downside for the rally above 84.18 and more importantly 85.52 for a strong rally higher.
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