Daily Pivots: (S1) 88.21; (P) 88.64; (R1) 88.92;

USD/JPY's decline extends further as expected and dives to as low as 87.38 so far in early US session. The break of 88.00 support confirms medium term fall resumption. At this point, intraday bias remains on the downside as long as 88.17 minor resistance holds and further fall should be seen to 87.12 low first and then 61.8% projection of 97.77 to 88.00 from 92.31 at 86.27 next. On the upside, above 88.17 will indicate that an intraday low is in place and bring consolidations first.

In the bigger picture, the bearish outlook remains unchanged. Fall from 101.43 is treated as resumption of the whole down trend from 124.13. Break of 87.12 low will confirm resumption of this down trend and should target next key level of 1995 low at 79.75. On the upside, while some recovery might be seen, break of 92.31 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.