The Dollar-Yen broke the resistance area that caught our attention 92.31-92.52. Short-term resistance is provided by the falling trend line from yesterday’s high, currently at 92.50. 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 92.31-92.52, a drop towards 91.30 where the rising trend line from 84.81, will follow. And if this level is broken, the price will drop towards the important 90.30, the most important support for the time being.

Support:

• 91.85: the moving average SMA100 on the hourly chart.

• 91.30: the rising trend line from 84.81.

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

Resistance:

• 92.50: the falling trend line from yesterday’s high.

• 93.08: Jul 22nd low.

• 93.53: Mar 19h low.

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