Even Though USD/JPY is in a bearish downtrend, after the recent trendline touch , the downtrend may be a retracement on a higher timeframe. The zone of the trendline touch have major confluence for a bullish position : a monthly support rejection , trendline rejection and 50 EMA rejection .
On the weekly timeframe price is consolidation between the two monthly and weekly lines, but the monthly trendline touch would definitely give a push up.
This weeks candle shows till now some kind of wick at the bottom showing rejection + 200 EMA rejection.
Comment:
Bullish hammer on daily timeframe , touching this monthly trendline ( + monthly support rejection )