USD/JPY turned into consolidation last week and stayed in range above 78.99. Initial bias remains neutral this week and some more sideway trading might be seen. But near term outlook remains bearish with 80.54 resistance intact and another decline is still expected. Below 78.99 will target 75.56/76.02 support zone. Though, break of 80.54 will indicate short term bottoming and bring stronger rebound back to 81.77 resistance.
In the bigger picture, 75.56 should be a medium term bottom on bullish convergence condition in weekly MACD. However, the lack of follow through rally and failure below 85.51 resistance argues that the trend hasn't reversed yet. And USD/JPY could merely be in sideway consolidation. In any case, outlook will remain mildly bearish in medium term as long as 85.51 resistance holds and a new low below 75.56 is in favor.
In the long term picture, with 85.51 resistance intact, there is no scope for trend reversal yet. Though, some more consolidative trading would be seen in medium term above 75.56 first before the long term down trend from 124.13 eventually resumes.