The US currency fell back below the 79.00 mark against the yen and accelerated to the downside to set its lowest level in 2 days. USD/JPY hit a low at 78.77 and currently trades barely above that level, recording a 0.3% loss on the day.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com recently commented that the pair still looks bearish in 4 hours chart, with price standing below a bearish 20 SMA and indicators heading south below their midlines. "As long as below 79.45 area, the bearish pressure will dominate the pair", she said.
Below 78.80, the analyst locates next support levels at 78.50 and 78.20, while she sees resistances at 79.20, 79.45 and 79.80.