USD / JPY Technical Forex Analysis for Forex Traders

The Dollar/Yen came closer than ever to the all important resistance 91.84, stopping only 8 pips below it, which could be considered as a test of some sort! But we still believe that there is a chance to come even closer to this important level on the short term, and that we could actually “touch” it before we drop! But in order for it to hold to these chances, the price should hold above the 91.24 support, which is provided by the rising trend line on intraday charts. And although we notice that this is an important level, the resistance 91.84 is still the most important level for this pair right now! It is the separating level between a positive & a negative medium term outlook. If price stops at or around 91.84, the odds of going back down will be enormous, and a top around here could provide us with a wonderful chance to sell for medium term. But if broken, we will see a strong jump to 92.95 and may be 93.65. As we said, support is at 91.24, and if broken, the price will retreat to 90.36 then to the very important 89.72. We still believe that 91.84 is still the most important medium term resistance for now, while the medium term support is at 89.72.

Support:

• 91.24: the rising trend line from yesterday’s low on intraday charts.

• 90.36: short term 50% Fibonacci level (for the rising move from 88.96).

• 89.72: the slowly rising trend line on hourly chart.

Resistance:

• 91.84: Fibonacci 61.8% for the short term, the most important resistance at all for the time being.

• 92.95: May 18th high.

• 93.65: Apr 6th low.