The rising move for the Dollar against the yes stalled at 94.77 early in the new week. From that top a slow retreat has started, then a break of the rising channel on the hourly chart (shown on the attached chart). This is the most important even in favor of the Yen in the past 2 weeks. We expect this break to give a chance for the Yen to achieve gains and move this pair lower, even if that was for a correction. We can also see a falling trend line from 94.77, with which the price has touched 3 times so far. This is another sign that the short term trend is down (in addition to breaking the channel). Short term support is at 93.75, if broken the 94 adventure would have ended, even if temporary, and time for a correction will be here. Targets for this break would be the very important 93.12 & 92.10. As for the resistance it is at 94.28 & breaking it would target 95.05 & 95.94.

Support:

* 93.75: Jan 8th high.

* 92.84: Fibonacci 61.8% for the rise from 92.10, a very important support

for the short term.

* 92.10: Mar 30th low.

Resistance:

* 94.28: the falling trend line from 94.77 on hourly chart.

* 95.05: Aug 24th high.

* 95.94: Mar 30th 2009 low.