USDJPY may be forming a cycle bottom

USDJPY may be forming a cycle bottom at 79.63 on 4-hour chart. Another rise to test the resistance of the downward price channel would likely be seen, a clear break above the upper line of the channel will signal completion of the downtrend from 84.17 (Mar 15 high), then the following upward movement could bring price back to 83.00 zone. However, as long as the channel resistance holds, the rise from 79.63 is treated as consolidation of the downtrend, and one more fall to 79.00 is still possible.