USD / JPY Technical Forex Analysis for Forex Traders
After halting with a reasonable accuracy near the resistance of Friday's report 90.52, Dollar-Yen broke the support 90.02 and reached the first suggested target 89.60. Friday's price behavior introduced the support 89.46, that we will adopt as support of the day. IF this support is taken, we will finally see the long awaited visit of 88.82, the important support for the medium-term. And if broken the next target will be October 13th low 88.13. As for the resistance, it comes from short-term Fibonacci 61.8% at 90.12. A break here would indicate that the odds of surpassing Friday's high are very good, and that will target 90.90 first, and may be 91.31. Even though the falling trendline from 92.31 was broken on Thursday, still the technical picture of the medium-term is hazy, and we await more signals to help us determine the direction of the medium-term.
Support:
• 89.46: obvious support on the hourly chart.
• 88.82: Oct 14th low, and an important low for determining the medium-term trend.
• 88.13: Oct 13th low.
Resistance:
• 90.12: Fibonacci 61.8% for short-term.
• 90.90: a well known previous support/resistance.
• 91.31: Nov 4th high.