Finally, the Dollar/Yen reached the long awaited 91.84! But the surprise was that it broke it, easily, and managed to reach 92.34 (today's high until the moment of preparing this report). This break will improve the weak technical outlook on the short term. But reaching the top of rising trend channel on the hourly & 4-hours charts indicates that the Dollar will face difficulties in its struggle to achieve more gains (please refer to the attached chart).

Therefore, the dollar should break the top of this channel as soon as possible to maintain the positive technical outlook which emerged after breaking 91.84. If we break the resistance at 92.31, we will see the price jump to 9295 and may be 93.65 before the weekend. On the other hand, the support is at 92.02, and if broken, the price will correct its last surge, in a correction which would ideally target the area between
91.05 & 90.25. The latter has become he most important support for the short term, for now.

Support:

92.02: the bottom of the rising trend channel from yesterday's low on intraday charts.

91.05: Fibonacci 38.2% level for the rising move from 88.96.

89.72: Fibonacci 61.8% level for the rising move from 88.96.

Resistance:

92.31: the top of the rising channel on the hourly chart.

92.95: May 18th high.

93.65: Apr 6th low.