USD/JPY Analysis (August 18)

The pair continues to trade flat above its historical low at 76,30 but remains under pressure.
Yesterday, the market attempted once again to test this important 76,30 level but bounced on top of 73,40. We might see some bullish reaction at current price level given the proximity of a major support.
We need to see though at minimum a break above 77,00 to alleviate the immediate downside pressure.