USD / JPY Technical Forex Analysis for Forex Traders

The Dollar/Yen traded below 92.14 for the whole past 24- hours, and did not touch this important resistance. It also dropped to break the support specified in yesterday’s report 91.54, only to settle for 91.23. This very limited action, has postponed the excitement, hopefully for no longer than today, especially after a critical level has appeared this morning, catching all of our attention. This level is the support at 90.52. The reasons which makes this level a shining star standing out is that it combines the rising trend line from May 20th, with June 1st low, giving this level a double importance. But, before we can test this level, we need to break the intraday support 91.11. And if we do, we will drop to test this very important (and hopefully very exciting) level. Breaking here would have serious consequences on this pair, and 89.81 will only be a first & modest target for this break, on the way to lower levels. Resistance is at 91.67, and if broken, the important support test scenario will be void, and we will target 92.67 & 93.70.

Support:

• 91.11: important intraday level.

• 90.52: June 1stlow & the important rising trend line on hourly charts.

• 89.81: May 26th low.

Resistance:

• 91.67: the falling trend line from Monday’s top on the hourly chart.

• 92.67: May 16th high.

• 93.70: Apr 14th high.