USD/JPY's consolidation from 79.58 temporary low is still in progress and intraday bias remains neutral. While stronger recovery cannot be ruled out, upside should be limited by 82.76 resistance and bring fall resumption. As noted before, the break of 80.50 support argue that rebound from 76.40 low is likely finished at 85.51 already. Below 79.58 will extend the fall from there to retest 76.40 low.
In the bigger picture, note that USD/JPY's rebound from 76.40 was held by medium term long term falling trend line as well as the 55 weeks EMA. Thus, down trend from 124.13 could still be in progress. Current fall from 85.51 might now extend through 76.40 for a new record low. In any case, break of 85.51 is now needed to revive the case that USD/JPY's down trend has finished. Otherwise, we'll stay cautiously bearish in the pair.