Dollar-Yen is still holding on above 89 , but on the other hand it was not able to surpass the previous top at 89.52. Now, the price is trying hard to hold above 89, where Fibonacci 61.8% for the short-term is at 89.01. If this level holds, we will see an upward correction, while breaking this level in specific indicates a continuation of the downside movement towards 88.13, which is the last important support before the last 15 years low 87.10.

As for the resistance, the most important for short-term is November 11th low 89.23, breaking it would initiate a correction that would ideally target 89.87. This level is the most important resistance at the moment, and a candidate to initiate a new down move (of course that is in case we get there), only breaking this level would change our expectations to the upside, when we target 90.73.

Support:

• 89.01: short-term Fibonacci 61.8%

• 88.13: Oct 13th low.

• 87.10: Jan 12th low.

Resistance:

• 89.27: Nov 11th low.

• 89.87: Fibonacci 61.8% for short-term.

• 90.73: intraday top.

Analysis by Forexpros - Written by Munther Marji.