Being contained by 78.61 support, USDJPY rebounds from 78.68, suggesting that a cycle bottom is being formed on 4-hour chart. Further rally could be expected, and the target would be at 78.50 area. However, the rise would possibly be consolidation of the downtrend from 80.09, another fall to 78.00 is possible after consolidation, and a breakdown below 78.61 support will signal resumption of the downtrend. Key resistance is at 79.50, only break above this level could indicate that the fall from 80.09 is complete.
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