USD/JPY Analysis (August 3)

After an acceleration of the decline, we are starting to see some choppy price actions with market partcipants watching for a possible intervention of the Bank of Japan which always moves the market significantly.
The recent bounce coincides with the 2011 low at 76,30. The market is consolidating since then and we now need to see a break back above 78,00 to confirm a meaningful corrective move.
Only a break below 76,30 would accelerate the move to the downside.