USD/JPY continued collapsing on Friday but the fall was halted by the 106.20 (S1) hurdle, defined by the low of the 21st of October 2014. The break below 107.80 (R1) has confirmed a forthcoming lower low and reinforced the prevailing longer-tern downtrend in my opinion. Nevertheless, for now I see signs that a corrective rebound could be in the works before the bears decide to pull the trigger again, perhaps to challenge the 107.80 (R1) zone as a resistance this time. Our short-term momentum studies support a corrective bounce as well. The RSI has bottomed within its oversold territory and looks willing to move above 30 soon, while the MACD, although well below both its zero and trigger lines, shows signs that it could start bottoming. Switching to the daily chart, I still see a longer-term downtrend. The break below 107.80 (R1) signaled the resumption of that trend and as a result, I would expect a possible dip below 106.20 (S1) in the foreseeable future to open the way for the 105.20 (S2) area.