Down to the pip, the Dollar-Yen stopped at Fibonacci resistance specified in yesterday's report 90.68 (yesterday's high is EXACTLY 90.68), and as you know, stopping near Fibonacci resistance levels is an evidence that the trend in down. That’s why we find ourselves favoring a continuation of the short-term downtrend as long as we are below 90.68. And we will await a break of short-term Fibonacci support 90.16, after the price literally "sat" on it for the past few hours. If we break this support the downtrend will continue, and will target 89.61 first, then 89.07 and may be the important 88.64.

The price behavior for yesterday, and the amazingly accurate reversal at the Fibonacci resistance that we talked about (90.68),makes it the most important resistance, and only if it is broken, we will change our negative outlook for this pair. If this surprise happens, we will be heading to a test the upper limit of the short-term downtrend (the trendline drawn on the chart), which is currently at 90.95, and that would be an important test if it happens.

Support:

• 90.16: Fibonacci 61.8% for short-term.

• 89.61: previous support & Oct 12th low.

• 89.07: previous intraday support.

Resistance:

• 90.68: Fibonacci 61.8% for the short-term, important resistance.

• 90.95: the upper limit of the short-term downtrend and the trendline descending from last week tops.

• 91.60: Oct 29th high.