USD / JPY Technical Forex Analysis for Forex Traders

The ascending trendline drawn from last week's low 91.93, units with the horizontal support line at 92.74, and also with the moving average SMA100, and finally with Fibonacci 38.2% support for the short-term to form the most important support for today. Stabilization above this level is essential to keep the view that the correction for the leg down from 97.77 has already begun, and that short-term downtrend has ended. But, first we have to break through 93.04. Ideally, this correction would target 94.85 or 95.54, and in this case the latter would be a decisive resistance that will determine the trend for the short-term. If we fail to do so, we will head to a test of short-term support 92.74, a break here could target 92.43 only, where there is Fibonacci 61.8%, or we could see the long awaited visit of the strong support 91.73-91.78.

Support:

• 92.74: important support area combining short-term Fibonacci 38.2% support, with a horizontal support line, plus the ascending trendline from last week's low, and the moving average SMA100.

• 92.43: short-term Fibonacci 61.8% support.

• 91.73-91.76: Strong, important support area that combines July 8th, 10th & 13th lows.

Resistance:

• 93.04: closing price of the latest intraday top.

• 93.42: AUG 21st low, and SEP 1st high.

• 94.16: Fibonacci 38.2% for the whole move down from 97.77.