FXstreet.com (Barcelona) - The Yen soared today on the back of Wall Street's negative opening, the Action Forex technical Team observes that rebound from Dic 17 low has completed: 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, the Action Forex Team foresees: Though, above 91.67 will suggest will turn intraday outlook neutral first and argue that consolidation from 87.13 will extend further before completion.