USDJPY is now facing the 79.58 support, a breakdown below this level will confirm that the downtrend from 85.51 has resumed, then next target would 78.00 area. On the upside, as long as 79.58 level holds, the fall from 82.22 could possibly be correction of uptrend from 79.58, and one more rise to 82.50-83.00 is possible.
For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.40 and 90.00 is expected in next several months.
