USD / JPY Technical Forex Analysis for Forex Traders

The Dollar-Yen continued to retreat from this week's top 94.34 back to 93.72, breaking the important resistance which was broken on Friday 93.62, and dropping to 92.80, that's 24 pips before our suggested target for this break. After rising back above 93, the resistance 93.33 showed some strength, stopping the price from going up 3 times. But there are more important levels to focus o. The support is at 93.01, breaking it means a continuation of the drop, and looking for targets below 92.80, we see the test of the rising trend line from 88.12 as the most notable target for this break. We have modified this trend line, and it is currently running at 92.29. A break here will immediately target 91.58. As for the resistance it is at 93.75, and breaking it would be a sort of surprise, which could spark a sharp climb to 95.05 & 95.90.

Support:
* 93.01: Fibonacci 61.8% for the short term.
* 92.29: the rising trend line from 88.12 on hourly chart, after it has been modified.
* 91.58: Apr 19th low.

Resistance:
* 93.75: Fibonacci 61.8% for the short term.
* 95.05: Aug 24th high.
* 95.90: Jul 29th low.