USD/JPY Analysis (July 29)

The pair continues to trade lower after a new fresh low printed overnight below 77,60.
We see no sign of a possible reversal yet except maybe the daily and weekly studies being in oversold zone which is not enough to build a counter-trend position.
A break back above 78,00 might lead to a corrective move towards 79,00 (20 moving average). Next target on the downside is 77,00 before a test of 2011 low at 76,30.