USD/JPY's fall from 94.61 extends further to as low as 89.47 in early US session and break of 90.14 cluster support confirms that rebound from 87.13 has completed already. The corrective three wave structure is consistent with the medium term bearish view. At this point, intraday bias remains for a retest of 87.13 low first and break there will indicate the medium term down trend has resumed. On the upside, though, above 91.67 will suggest will turn intraday outlook neutral first and argue that consolidation from 87.13 will extend further before completion.

In the bigger picture, with USD/JPY still staying below 55 days EMA, fall from 110.66 should still be in progress. On resumption, such decline should target 100% projection of 124.13 to 95.77 from 110.66 at 82.3. However, considering bullish convergence condition in daily MACD, another rise above 94.61 will be another alert that whole decline from 110.66 has completed. Focus will then be on 100.54 resistance for confirmation.