USD/JPY's break of 79.79 last week firstly confirmed resumption of rebound from 77.66. Subsequent break of 80.29 indicate that fall from 84.17 has completed at 77.66 already. Initial bias remains on the upside this week for 100% projection of 77.66 to 79.79 from 78.60 at 80.73. Break will target 81.77 resistance and above. On the downside, below 80.00 minor support will turn bias neutral and bring consolidations. But break of 78.60 is needed to indicate complete of rebound from 77.66. Otherwise, we'll stay bullish even in case of retreat.

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. Price actions from 75.56 should be developing in to a multi-leg consolidation pattern. The strong break of 55 days EMA indicates that another rising leg has started targeting 84.17 resistance. But after all, the medium term outlook will stay bearish as long as 85.51 resistance low and we'd expect a new low below 75.56 after the consolidation completes.

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.

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