Being contained by the resistance of the downward trend line from 80.61 to 79.65, USDJPY pulled back from 79.21. However, another rise to test the trend line resistance would likely be seen, a clear break above the trend line resistance will indicate that the downtrend from 84.17 has completed at 77.14 already, then further rise towards 82.00-83.00 area could be seen. On the downside, as long as the trend line resistance holds, the price action from 77.66 (Jun 1 low) could be treated as consolidation of the downtrend, and further decline towards 76.00 is still possible.
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.
