USDJPY is forming a short term cycle bottom at 105.64 on 4-hour chart. Key resistance is now located at 106.80, a break above this level will confirm the cycle bottom. As long as the pair stays above 105.64 support, rebound to 107.50 area is possible in a couple of days and sideways consolidation is expected before breaking above 107.75 previous high resistance.
http://blog.forexcycle.com/968/daily...-july-15-2008/