The Dollar/Yen bored us yesterday with a very limited trading range, it did not break any of the levels specified in yesterday's report, therefore, there is only a very limited change to yesterday's technical outlook. Let's leave the daily & weekly charts we have been obsessed with lately, and just focus on the hourly chart. We can see that there is a very exciting trend line, dropping from June 4th top. This line is almost at 86.21: the resistance which the price tried to break on Friday, but left it alone shortly after that. Therefore, all of our attention is at the exciting trend lien & the importance it provides. As long as we are trading below this line, the downtrend will be ok, but if we break the resistance 86.21 we will shoot up targeting 87.00 and may be 87.70. Where if we go back to trade below the support 85.09, there will be nothing stopping the price from reaching our awaited target 83.85, and may be at a later time we will see 82.65 as well.

Support:

. 85.09: yesterday's low.

. 83.87: Fibonacci extension level 138.2% for the falling wave from 86.86, compared to the wave which started at 88.10.

. 82.65: the trend line combining the monthly lows of Dec 08, Jan & Nov 09, on the weekly chart.

Resistance:

. 86.21: the falling trend line from June 4th top on the hourly chart, and Aug 10th top.

. 87.00: Jul 7th low.

. 87.70: June 26th top.