After Fibonacci resistance 90.66 has succeeded in reversing the short term direction, the price traded under it for the whole past 24 hours, reaching a low of 89.61, and drifting away more than 100 pips from the weekly high, which is in total agreement with Fibonacci analysis that suggests we had a short term direction-changing top at 90.66. This rebound from Fibonacci retracement level with very good accuracy is evidence that the general direction of the short-term is down.
If this turns out to be true, we will see the Dollar-Yen breaking the nearby support 89.69, and trying to attack the Fibonacci support 89.09 which will act as a first target for this break, and in case this level is broken, we can say that the drop from 90.66 is more than a correction. If this level is also broken, the target would be 88.46, on the way to lower targets. As for the resistance it is provided by short term Fibonacci 61.8% resistance, at 90.26. If this line is broken, we will be on the way to another weekly high, since the targets for such a break would be 90.84 & the well known important resistance 91.67.
Support:
* 89.69: Fibonacci 50% for the short term.
* 89.09: Fibonacci 61.8% for the short term.
* 88.46: previous hourly support.
Resistance:
* 90.26: Fibonacci 61.8% for the drop from this week's high.
* 90.84: Nov 5th & 6th high.
* 91.67: previous hourly support.
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