The pair didn’t take advantage of the US Dollar strengh mainly driven by the Euro.
On the contrary, the USD/JPY has been falling back towards the 80,00 critical level.
USD/JPY: daily chart
If we do see a daily close below 80,00 it would open the door to additional losses with no clear target. Considering the US Dollar strengh going forward, we don’t support this scenario.
Inversely, we need to see a break back above 81,00 to warranty a bullish resumption.