USD / JPY Technical Forex Analysis for Forex Traders

Dollar-Yen reached 92 for the first time in more than a month. And after breaking 91.63, its is only logical to say that the odds favor a continuation of this slow rise, probably to our previously suggested target area 92.52-58, which could be an area for the price to reverse from, and start correcting the whole rise from 87.98.

Short-term resistance is 91.94, and breaking it would mean we are heading towards the target area 92.52-58, or may be to a more exciting and attractive target, which is 92.88: Fibonacci 50% resistance for the whole down move from 97.77 to 87.98.

And since the 2 targets are not far from each other, the whole area combining them (92.52-92.88) is considered one wide resistance area that we expect is able to reverse the direction on the short-term, and initiate a correction that we can not talk about its size now. The most important support is 91.47, provided by the rising trendline on the 15 minute chart. If broken, we will target 90.90 where the known previous resistance meets the SMA100. And Since the RSI is standing in the middle of the way, the odds of going in either direction look close.

Support:

• 91.47: the rising trendline on the intraday charts.

• 90.90: the previous known resistance, and the moving average SMA100.

• 89.38: Oct 19th low.

Resistance:

• 91.94: intraday resistance.

• 92.52-92.58: previous well known resistance area.

• 92.88: Fibonacci 50% for the whole drop from 97.77 to 87.98.




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