Daily Pivots: (S1) 90.24; (P) 90.58; (R1) 91.04; More.

USD/JPY's break of 90.97 indicates that rally from 87.13 has resumed. Focus remains on 91.57 resistance. As long as this resistance holds, another decline is still in favor. Below 90.14 support will flip intraday bias back to the downside first. Further break of 87.13 low will target 100% projection of 124.13 to 95.77 from 110.66 at 82.30. On the upside, though, break of 91.57 will suggest that fall from 100.54 might be finished with bullish convergence condition in daily MACD. Stronger rise should then be seen, targeting 93.92 cluster resistance first.

In the bigger picture, fall from 110.66 is still in progress. Such decline is expected to develop into a five sequence with first wave completed at 90.92, second at 100.54. Fall from 100.54 might be developing into a highly sub-divided wave three and should be targeting 100% projection of 124.13 to 95.77 from 110.66 at 82.3. Having said, while a break of 91.57 resistance will indicate that a short term low formed, subsequent rebound should be limited below 100.54 resistance and bring at least on more fall to complete the decline from 110.66. Though, break of 100.54 will dampen this view and serve as an indication that whole decline from 110.66 has completed.