USD/JPY rebounded further to as high as 79.79 but lost momentum ahead of mentioned 80.29 resistance. Outlook remains unchanged and another fall is still in favor. Break of 78.92 will indicate that rebound from 77.66 is finished. That should flip bias back to the downside and send USD/JPY through 77.66 to 75.56/76.02 support zone. As noted before decline from 84.17 is not displaying a clear impulsive structure yet. We'll be cautious on bottoming signal as it enters into 75.56/76.02 support zone, at least on first attempt. However, note that break of 80.29 will indicate that the near term trend has reversed and will turn outlook bullish instead.

In the bigger picture, there is no sign of trend reversal in USD/JPY yet and the whole down trend from 124.13 (2007 high) is still in progress. The question is whether price actions from 75.56 was a correction that's completed at 84.17, or a multi leg consolidation pattern. Based on the bullish convergence condition in weekly MACD, we'd slightly favor the latter case and hence, another rebound would be mildly in favor after getting support from 75.56 again. Though, sustained break of 75.56 will pave the way to 70 psychological level next.

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 to 70 psychological level.