USD/JPY's sideway consolidation form 79.58 is still in progress and intraday bias remains neutral. Further rise cannot be ruled out yet but upside is expected to be limited by 82.76 resistance and bring resumption of fall from 85.51. Below 80.15 minor support will flip bias back to the downside and would target a retest on 76.40 low. Nevertheless, break of 82.76 resistance will turn focus back to 85.51 resistance instead.
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.