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FXstreet.com (San Francisco) - USD/JPY is consolidating recent losses this Monday in Asia, bracketed between 79.09 and 79.23 as it hovers around support in the 61.8% Fibonacci retracement area of the 76.00/84.15 upswing at 79.10.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, a clear break below the mentioned support level serves as a key point of attraction for sellers and the Bank of Japan.

Technically speaking, "The hourly chart shows price capped below 20 SMA with indicators holding in negative territory, while in the 4 hours chart, the bearish momentum remains strong regardless of extreme oversold readings," comments Ms. Bednarik.

Any lack of action by the BOJ in its monetary policy meeting this week, if price stands around current levels, will point for a downward continuation towards the 78.00 area, says the analyst. Ahead of the figure, a move to the downside exposes support at 78.80 and 78.40, while resistance levels lie at 79.45, 79.80 and 80.10.

S&P futures are up 0.42% while copper and oil futures have recovered. The Nikkei has opened flat, while the Kospi opens up 1%.

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