Boredom is back! Boredom is here again! As we have seen in previous periods this year, the Dollar/Yen is back to trading in very tight ranges, it did not break any of the levels specified in yesterday's report. It approached 85 but failed to make a break, it also stayed the whole time below the resistance 86.21. 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 running currently at 86.06. Therefore, all of our attention is at the exciting trend line & the importance it provides. As long as we are trading below this line, the downtrend will be ok, but if we break the resistance 86.06 we will shoot up targeting 87.00 and may be 87.70. Where if we go back to trade below the support 85.35, we will target 84.70 first, and there will be nothing stopping the price from reaching our awaited target 83.85.

Support:

. 85.35: the rising trend line from this week's low on the hourly chart.

. 84.70: This year's low, and the lowest level since 1995..

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

Resistance:

. 86.06: 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.