USD / JPY Technical Forex Analysis for Forex Traders
We have reached 92.50 for the first time in two weeks, after breaking all Fibonacci resistance levels for the last move down. But even that the Dollar-Yen broke them all, it could not hold above 92, returning fast to test the previous resistance 91.60-91.63 which became a support. In the same area, we find the rising trendline from last week's low 90.11, which ads more importance to an already important area.
Until this very moment, the support area has held (today's low until now is 91.62). That is why we will keep this area on the lookout. Holding above here will give another chance to reach the resistance area 92.70-92.80, and may be later test the previous top 93.28. Breaking it would be a surprise after yesterday's advance. And if this surprise happens, we would go back to the negative status of this pair, which would gradually lead to test (and may be break) the psychological level 90, and to targets below it, first of which is the support area 89.68-89.78.
Support:
• 91.60: previous resistance area, and the rising trendline from last week's low.
• 90.97: intraday support from last week.
• 91.11: Sep 16th low.
Resistance:
• 92.17: Fibonacci 61.8% for the short-term.
• 92.70-92.80: previous support area which contains a number of daily lows in the past few months.
• 93.28: Sep 7th high.