USD/JPY analysis (July 14, 2011)

The breakout of the 80,00 critical support has lead to an acceleration of the decline with a new fresh low at 78,50.
It is worth noting though that this 78,50 level has offered a great support lately. The pair has tested it twice and seems to consolidate above this level. A bounce from this point would validate a double bottom on the 4-hour chart but it is of course to soon to tell.
A break below 78,50 would expose next target at 77,00 and march low at 76,30.