Because the party member cycling keys are just the move cursor up/down keys, the keybinds are on the System tab.
Move Cursor up/Cycle up through Party List
Move Cursor down/Cycle down through Party List
By default, these should be numpad8 and numpad2. Note that this is a soft-target. After one action, you'll return to your formal target. You can press the confirm button (by default, numpad0) to switch to this target permanently.