USD / JPY Technical Forex Analysis for Forex Traders

The Dollar/Yen's slow rise, has stopped accurately at the previous support 93.27 as you can see on the attached chart. But, the most important resistance around here is still 93.49. Here is where all out attention must be placed. After several extremely boring days, which no meaningful moves at all, we could see excitement back in the game, if this level s broken. In this case, the price will not target the attractive 93.96, but it will not settle for anything below 94, where the well known support/resistance area 94.31 will be waiting, to act as a first target for this break. If the climb goes on it will shoot for 95.05. On the other hand, the support is provided by the rising trend line from 90.83 on intraday charts, which is a line that has supported the price for six days now. If it gets broken, the Dollar will get a hard hit, leading it to 91.40 first, and then to 90.75.

Support:

* 93.07: the rising trend line from 90.83 on intraday charts.

* 91.40: Fibonacci 38.2% support for the rise from Thursday's low.

* 90.75: Fibonacci 50% support for the rise from Thursday's low.

Resistance:

* 93.49: previous hourly resistance, very close to Monday's top.

* 94.31: previous hourly support.

* 95.05: Aug 24th high.