USDJPY stays in a narrow range between 79.11 and 79.78. Initial support is located at 79.11, as long as this level holds, the sideways movement is treated as consolidation of the short term uptrend from 77.66, and another rise to test 80.61 key resistance could be expected. On the other side, a breakdown below 79.11 will indicate that a cycle top has been formed at 79.78 on 4-hour chart, then further decline to 78.00-78.50 area could be seen.
