USDJPY is facing 77.92 support, a break below this level will indicate that the sideways movement started from 77.66 has completed, then further decline to 76.00 could be seen. Key resistance is at 79.65, only break above this level will suggest that lengthier consolidation in the range between 77.66 and 80.61 is underway, and delay the resumption of the downtrend from 84.17.
For long term analysis, USDJPY remains in downtrend from 84.17. Further decline towards 75.75 (Oct 31, 2011 low) previous low could be expected over the next several weeks.
