USDJPY traded in a range between 79.58 and 82.22. The price action in the range is treated as consolidation of downtrend from 85.51. Support is at 79.58, a breakdown below this level will signal resumption of downtrend, then another fall to 78.00 could be seen.
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.
