Dollar/Yen broke the resistance specified in yesterday’s report 91.60, but it did not make it to 91(the low at the moment of preparing this report is 91.14). The most important technical event for the past 24 hours was the fact that the descending trend line from last week’s top has got very close to the rising trend line from may 20th low, and it seems as if they are touching at the important 90.96. This makes this support the single most important support without a shadow of a doubt! It seems as if we are about to test it, and we suggested keeping an eye at this pair as it gets closer to this level, because this very test is what will determine and set the short term direction. If we break 90.96 the price will drop hard, to 89.81 first, and then to 88.96, both levels are significant and critical support levels. The resistance is provided by the falling trend line from yesterday’s top on intraday charts, at 91.47. If we break this support, a new short term rise will be initiated, targeting 91.91 & 92.56.

Support:

• 90.96: the touching point of two important trend lines: the rising trend line from May 20th low, and the falling trend line from last week’s top. The single most important support for the short term.

• 89.81: May 26th low.

• 88.96: May 20th low.

Resistance:

• 91.47: the falling trend line from yesterday’s high on intraday charts.

• 91.91: June 8th high.

• 92.56: Apr 13th low.