Daily Pivots: (S1) 91.71; (P) 92.18; (R1) 92.56; More.

USD/JPY's fall from 93.74 extends further to as low as 91.32 so far in early US session and at this point, intraday bias remains on the downside for 91.24 support. Break there will indicate that whole rally from 84.81 might have completed at 93.74 already, on bearish divergence condition in 4 hours MACD. Deeper decline should then be seen to 87.36 support for confirmation. On the upside, above 92.41 minor resistance will turn intraday bias neutral first. But risk will now remain on the downside as long as 93.74 resistance holds.

In the bigger picture, at this point, USD/JPY is still trading below medium term trend line resistance at 95.06 and 55 weeks EMA at 94.21. Hence, there is no clear indication of reversal yet. A break of 87.36 support will indicate that rebound form 84.81 has completed and the whole fall form 124.13 is possibly resuming for 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.