The USDJPY drifted lower for most of the week before roaring to life after touching the 77.50 support level in New York trading.  The cross managed to rally over 50 fibs before falling back under resistance at 78 to close the week.  It looks as though the pair is in the beginning stages of carving out a range between the descending trend line around 79 and the 77.50.  It should be noted a move much lower could spark intervention measures.

Sup   77.50

Res    78                         79

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