After touching the lower line of the price channel on 4-hour chart, USD/JPY rebounds from 86.82, suggesting that a cycle bottom is being formed. Further rise could be expected, and next target would be at 88.00 area. Support is now at 86.82, only a break below this level could indicate that lengthier consolidation of the uptrend from 77.14 (September 13, 2012 low) is underway, then a deeper decline to the 86.00 area could be seen.