Being contained by 76.29 previous low support, USDJPY rebounded from 76.35. Another fall to re-test 76.29 support is still possible later today, a breakdown below this level could signal resumption of the long term downtrend. Resistance is now located at 77.19, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, then lengthier consolidation in a range between 76.29 and 80.23 could be seen.

usdjpy