USDJPY rebounds from 102.58 and is forming a short term cycle bottom on 4-hour chart. The rise from 102.58 could possibly be resumption of the up trend. Further rally to test 105.70 is now in favor. Near term support is at 102.58, only break of this level will indicate lengthier correction is underway and delay the resumption of the uptrend.
http://blog.forexcycle.com/762/daily...s-may-13-2008/