USD / JPY Technical Forex Analysis for Forex Traders

The Dollar's rise stopped at 94.96, that's 9 pips below our resistance 95.05, then it dropped, to leave us wondering is this everything? Is the short term rise over, or will it go on? Everything depends on breaking 95.05 or holding below it. If we hold below this resistance the price will be expected to fall, and test the rising trend line from 92.80 at 94.56. If broken the technical outlook will turn negative for the short term, and we will target the important support 93.91. If this one is broken, the technical outlook will turn negative for the medium term, and we will target 93.30 as a first and modest target for this break, on the way to lower levels later. On the other hand, if 95.05 gives way, it will be hard to imagine the rise stopping before the 96 station as we will target 95.90 & may be 96.69.

Support:

* 94.56: the rising trend line from 92.80 on the hourly chart.

* 93.91: the rising trend line from 91.58.

* 93.30: Apr 23rd low.

Resistance:

* 95.05: Aug 24th high.

* 95.90: Jul 29th low.

* 96.69: May 19th 2009 high.