$USDJPY has been bearish since it started retreating from 114 in late 2018. It came all the way down to a key support around 104.50, but could be completing a price bottom.USD/JPY Daily Chart(click to enlarge)Price Bottom?- We can see that price has been consolidating above 104.50. We can see that this is a key support on the weekly chart.- On the daily chart, we can see that there is a bullish divergence between price and the RSI.- Furthermore, price action is starting to reflect a price bottom with the latest support pivot established around 105.70.- Price seems to be pushing up above the recent consolidation range in August. - USD/JPY is also pushing against a previous support around 107.10.- The 107.10 is thus a key resistance.- Also, if price retreats but bounces up from 106.50, I would be inclined to look for a bullish push.- I think it is possible price will push to 109, but that is where I would limit the bullish expectation with anticipation of consolidation/correction after a test of 109. - Failure to clear 107.10 and then, failure to hold above 106.50 would not be a good sign for the bullish scenario.- Then, a break below 105.70 would suggest a bearish continuation. After that, if price gets back to the 104.50 support, I would anticipate an eventual bearish breakout.Bearish Scenario:- If price falls below 104.50 indeed, we can anticipate further downside towards the 2016 low around 100.00.- From the weekly chart, we can also see that there could be resistance around 108 instead of pushing to the 109 resistance pivot. USD/JPY Weekly Chart(click to enlarge)