USD / JPY Technical Forex Analysis for Forex Traders

The Dollar-Yen with amazing accuracy at the first support in yesterday's report (lowest price after the issuance of yesterday's report is 90.06), and then rose to 91.05, breaking 90.73 on the way, but what followed was a modest move. The most important support is the Fibonacci 61.8% for the short-term at 89.77, and if broken the direction would be down to test the important support
88.68, which must hold to prevent another attempt to test 87.97 which survived 2 weeks ago an attempt for a break.

As for the resistance, the most important one is 90.90, and the key to the most important stop in these areas is 91.63, which is expected to be an important test. Breaking it means that this rise will continue in the next few days, to areas above 92, where 92.52-92.58 is the first target for this break. While failure here would indicate that this is but a short-term rise.

Support:

• 89.77: Fibonacci 50% short-term and the bottom of the rising channel on the intraday charts.

• 89.38: Oct 7th high.

• 88.68: support area that supported the price twice this month.

Resistance:

• 90.90: short-term resistance.

• 91.63: previous support & resistance area, the most important resistance for the short-term.

• 91.93: Sep 2nd low.




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