USD/JPY's fall last week suggests that whole decline from 92.87 is resuming. Initial bias remains on the downside this week for 88.97 support first. Break will also suggest that whole consolidations pattern from 88.25 is finished at 92.87 already and whole fall fro 94.97 is resuming for 88.13 and below. On the upside, break of 92.12 resistance will in turn flip intraday bias back to the upside for 92.87 and above.
In the bigger picture, USD/JPY is still trading below a falling 55 weeks EMA and whole down trend from 124.13 is possibly not over yet. Break of 88.13 support will indicate that rebound from 84.81 has completed with three waves up to 94.97 already. The corrective structure will affirm the bearish case and pave the way to a new low below 84.81. On the upside, however, break of 94.97 will revive the case that 84.81 is already the long term bottom and will target 101.43/65 medium term resistance zone for confirming this bullish case.
In the long term picture, downside momentum is clearly diminishing with monthly MACD staying above signal line and bullish convergence condition in weekly MACD. However, the reversal scenario is not confirmed by break of 101.43/65 medium term resistance zone yet. We'll stay neutral first.