USDJPY is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the price action from 77.66 is treated as consolidation of the downtrend from 84.17, another fall towards 75.75 previous low is still possible after consolidation. On the upside, a clear break above the trend line resistance will indicate that the fall from 84.17 has completed at 77.14 already, then the following upward movement could bring price back to 80.00 area.
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.
