Overview:
USD/JPY is trading with bearish bias. The rate is undermined by selling of yen crosses amid diminished risk tolerance as worries are increasing over global economic slowdown and Standard & Poor's has downgraded Spain's credit rating cut to one level above junk status. USD/JPY also weighed by Japan exporter sales; lower U.S. Treasury yields. But USD/JPY losses tempered by demand from Japan importers.
Data focus:
1230 GMT U.S. September import and export price indexes, weekly jobless claims, and U.S. August trade balance.   
1630 GMT Fed's Plosser speech.
Preference:
Short positions below 78.35 with targets at 77.85 & 77.75 in extension.
Support Levels:
77.85
77.43 (Sept. 28 low)
77.13 (Sept. 13 low)
76.50 (Feb. 6 low)
Alternative scenario:
Above 78.35 look for further upside with 78.45 and 78.75 as targets.
Resistance Levels: 
78.37-78.44 band (Wednesday's high-Tuesday's high)
78.76 (Monday's high, matching 100-day moving average)
78.88 (Friday's high) 
79.23 (Sept. 19 high)  
Comment:
The pair has broken below its support and remains under pressure. USD/JPY daily chart is mixed as MACD bullish, but stochastics in bearish mode.