USD/JPY price action is a showing sideways consolidation pattern. Support on the downside is located at 78.00 level, which is a crucially important long term support trend line. Additional support is located at 77.12 level followed by 75.60. Alternatively, resistance on the upside is located at 79.63 level which is the 200 Day SMA, followed by 80.61 and 81.66. Stochastics is currently at the oversold level.