USD/JPY's rebound attempt was limited below 80.09 resistance last week. Friday's breach of 79.13 minor support suggests that fall from 80.61 is resuming Initial bias is mildly on the downside for 78.60. Break will confirm completion of rebound from 77.66 and should target a retest of this low then. Though, this bearish case is not too convincing for the moment, and we'll stay very cautious. Above 79.39 will mix up the outlook and turn bias neutral again.
In the bigger picture, firstly, there is no sign of reversal in USD/JPY yet and the larger down trend from 124.13 is still expected to continue. Nonetheless, consolidation pattern from 75.56 should extend for a while below 85.51 first. In anyway, we'd stay bearish as long as 85.51 resistance holds and expect an eventual downside breakout.
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.