USD/JPY analysis (July 15, 2011)

The pair remains bearish after the breakout of the 80,00 critical support.
However, the market has found some great support on top of 78,50 tested twice oover the last 2 days. A break above 79,60 would validate a potential bounce for a pullback towards 80,00.
In any event, the bearish trend would not be in question.