USD/JPY's fall extended further to as low as 88.23 but turned sideway since then. Friday's rebound argue that recent decline is not ready to resume yet and consolidations from 88.23 is still in progress. Initial bias is mildly on the upside this week for another rise to above 90.42 minor resistance. but after all, upside is expected to be limited well below 92.52. Below 88.59 will flip intraday bias back to the downside. Break of 88.23 will target 87.12 low.
In the bigger picture, USD/JPY's pattern of lower highs, lower lows since 2007 high of 124.13 is still intact, so is the down trend from there. Break of 87.12 key support will pave the way to extend the down trend to next key level of 1995 low at 79.75. On the upside, above 92.52 resistance will indicate that a short term bottom is formed and will bring stronger rebound. But after all, fall from 101.43 is still expected to continue as long as 97.77 resistance holds.
In the long term picture, first, fall from 124.13 is still in progress. Such decline is treated as part of the long term down trend after triangle consolidation from 79.75 has completed at 124.13. In other words a break of 1995 low of 79.75 is likely as fall from 124.13 extends. Break of 101.43 resistance is needed to be the first indication of bottoming in medium to longer term. Otherwise, outlook will remain bearish.