USDJPY is in downtrend from 80.62 (Jun 25 high), the sideways movement from 77.94 is treated as consolidation of the downtrend. Key resistance is now at 79.15, as long as this level holds, we’d expect downtrend to resume, and another fall towards 77.00 is still possible. However, a break above 79.15 will indicate that the downtrend has completed at 77.92 already, then the following upward movement could bring price back to 81.00 area.
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