For the past 24 hours, the Dollar-yen did not break any of the levels specified in yesterday's report, it did not penetrate 90.23, it did not drop below 89.53. The most important thing to happen from a technical point of view was the fact that the falling trendline and the rising broken trendline came closer to each other. The most important resistance is provided by the falling trendline from October 27th top, which is currently at 90.00.
The bears will be in control as long as price is below this line that provides today's most important resistance. And if this happens, we expect the price to fall and test Fibonacci 61.8% support for the short-term at 89.56, and may be a break as well, that will lead to the important bottom 88.82. If the opposite of what we expect happens, and we break the resistance 90.00, the price will be on its way to 90.90 first, and may be 91.31 later.
• 89.56: Fibonacci 61.8% for the short-term.
• 88.82: Oct 14th low, and an important low for determining the medium-term trend.
• 88.33: previous support.
• 90.00: the falling trendline from Oct 27th high.
• 90.90: a well known previous support/resistance.
• 91.31: Nov 4th high.