Dollar-Yen broke the trend lien rising from 84.81, but the drop that followed was limited, before going back above the line. This behavior recommends caution, the price should trade below certain levels to maintain any importance for this break. Short-term resistance is 92.45, and the support is at 91.75.

If this support is broken, we will fall to the important 90.55, which is also another important support for the short term, and maybe we will see 89.58 after that. On the other hand, if the price holds above this support, a short term rise will be initiated, challenging short term resistance at 92.45, and breaking this level would lead to a correction to the drop from 93.20 (and may be to more than that), targeting 93.08, and once its broken we will be looking forward to the long awaited 93.53.

Support:

• 91.75: the rising trend line from yesterday’s low on intraday charts.

• 90.55: Fibonacci 61.8% for the whole move from 88.91 to 93.20.

• 89.58: Fibonacci 61.8% for the whole move from 87.35 to 93.20.

Resistance:

• 92.45: short-term Fibonacci 61.8% resistance.

• 93.08: previous support/resistance area.

• 93.53: Mar 19h low.

Forex trading by Munther Marji for Forexpros.