USDJPY pulls back from 80.67, and the fall extends to as low as 79.07. However, the fall is likely consolidation of the uptrend from 77.14. Support is now at the lower line of the price channel on 4-hour chart, as long as the channel support holds, another rise could be expected after consolidation, only a clear break below the channel support could signal completion of the uptrend.
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.
