USD/JPY's strong rebound last week indicates that fall from 80.61 has completed at 77.90. Initial bias remains on the upside this week and further rally should be seen to 79.96/80.61 resistance zone. Nonetheless, note that current development doesn't warrant the case that fall from 84.17 has reversed. And hence, we'll be cautious on topping signal at around 80.61. Though, break of 78.59 is needed to indicate completion of such rebound. Or, further rally will now remain in favor.

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 any case , 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.

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