The Japanese Yen has become very quiet recently. This is true in relation to all currencies, but is perhaps most visible against the US Dollar. This pair has not made a meaningful move in weeks and is consolidating.
After reaching the post-intervention high of 85.52, the USD/JPY pulled back to 79.56, which is at the 62% Fibonacci retracement level. That was rather typical; the 62% and 50% levels are often reached during price correction within a trend. The price, however, did not resume the uptrend, settling into a consolidation, with an uncertain outcome.
We can that the ADX, a good trend indicator, shows extremely low reading, meaning no trend. The Average True Range has also dropped significantly. The USD/JPY is clearly waiting for a catalyst that will push it either way.
Since there is no strong indication about a possible direction for the next price swing, it is best to wait and let the market provide additional clues. In case of the USD/JPY that could be watching the most recent price extremes: the support at 79.56 and the resistance at 82.23. They are just outside the Fibonacci cluster, and breaching either one could be a start of a larger price move in that direction.
