USD / JPY Technical Forex Analysis for Forex Traders

Finally, the Dollar-Yen is trading above 91.78! As it reached 92 this morning, and stopped at 92.24. Thus, we think that a test of the area that caught our attention 92.31-92.52 is only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53, with a possibility to stop at 93.08, where there is a resistance that cannot be ignored.

On the other hand, if the price fails to capitalize on the break of 91.78, a drop towards 91.12 where the rising trend line from 84.81, will follow. And if this level is broken, the price will drop towards the important 90.18, and if broken we are to see 89.55.

Support:

• 91.12: the rising trend line from 84.81.

• 90.18: Fibonacci 61.8% for the whole move from 88.91 to 92.24.

• 89.55: previous important intraday low.

Resistance:

• 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops.

• 93.08: Jul 22nd low.

• 93.53: Mar 19h low.

Forex trading by Munther Marji for www. forexpros. com.