Daily Pivots: (S1) 89.74; (P) 90.80; (R1) 91.50

USDJPY's break of 90.30 support indicates that whole fall from 83.74 has resumed. Intraday bias is flipped back to the downside for 87.36 support next. As noted before, break there will confirm the bearish case that whole rebound from 84.81 has completed with three waves up to 93.74 already. This will also argue that medium term down trend is resuming for a new low below 84.81. On the upside, above 90.56 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 91.86 resistance and bring fall resumption.

In the bigger picture, USD/JPY is still trading below medium term trend line resistance at 94.71 and 55 weeks EMA at 94.07. Whole down trend from 124.13 is likely still in progress and a break of 84.81 will target 1995 low of 79.75. However, note bullish convergence condition is seen in weekly MACD. Sustained trading above the medium trend line resistance will be the first signal of medium term reversal and in such case, focus will turn to 101.43 resistance for confirmation.

USD/JPY