USD/JPY's fall extends further to as low as 94.59 in early US session and further fall might still be seen. Nevertheless, key level should lie in 94.03/05 (100% projection of 97.77 to 95.11 from 96.71 at 94.05 and 61.8% retracement of 91.73 to 97.77 at 94.03). As long as this level holds, we're still favoring the case that fall from 97.77 is merely a correction and rise from 97.13 is still in progress. Above 96.71 will flip intraday bias back to the upside for rally resumption to 98.87 resistance.

In the bigger picture, as mentioned before, fall from 101.43 should have completed at 91.73 already. The three wave corrective structure in turn indicates it's merely a correction to whole rally from 87.12. Indeed, rise from 91.73 is tentatively treated as resumption of such medium term rise. Sustained break of 101.43 resistance will confirm this case and target 100% projection of 87.12 to 101.43 from 91.73 at 106.04 next. On the downside, break of mentioned 94.03/05 cluster support will invalidate this view and suggest that whole fall from 101.43 is possibly still in progress for another low below 91.73 before completion.