USD / JPY Technical Forex Analysis for Forex Traders

The Dollar/Yen's rise from 87.99 has slowed down significantly, after rocketing for more than 500 pips in less than 18 hours! But now we have come back from excitement to boredom, the good news is that the important levels are much closer to each other than it was on Friday. The resistance is at 92.83 & the support is at 92.46. We will be waiting for one of these two levels to give way. If 92.46 gives way, a correction for this rocking jump will start, with its first target at 91.22 and the second important target is at 90.61. The resistance is at 92.83, and if broken the price will jump to the resistance that we find very attractive 93.96. If this one is also broken, 95 will become near, as we will target 95.05. In the next few days, important evidence on medium term direction will emerge, and we will be on the watch for them.

Support:
* 92.46: intraday support.
* 91.22: Fibonacci 38.2% support for the rise from Thursday's low.
* 90.61: Fibonacci 50% support for the rise from Thursday's low.

Resistance:
* 92.83: intraday resistance.
* 93.96: previous hourly resistance.
* 95.05: Aug 24th high.