USD/JPY’s decline in price seems to lost momentum after pair found small support and even price broke 77.09 but failed to gain above it, and now USD/JPY is trading above 76.91 support level. IF there is a sustain gain above this level this would signals, that currently further decline is dismissed. Such trade below 77.54 support level is signaling that sellers outnumbered buyers. Sustain break below 77.87 would indicates that rebound will resume and price would extend further down. In that case, price should target 76.41 support level. If that key support that doesn’t hold price will trigger down move to 75.94.
On the opposite side, recovery is limited below resistance level at 78.46, sustain trade above it would confirm the rectangle pattern. Price to extend further price should overcome 78.46 level and manage a sustain gain, Only sustain gain above that resistance level would make path for further increase in price - towards 79.50 level.
Daily Pivots: Pivot Point – 76.89, 1st Support – 76.79, 1st Resistance – 77.00