Dollar-Yen moved in a very tight range on Friday, without any technically significant moves! The down movement has slowed down, drawing our attention to what could be a wedge pattern, which is a pattern that could limit the current drop to the bottom of this pattern, or a support that is close to it, and could push price higher on the short-term.

If this scenario turns out to be right, we will rise and break short-term resistance 89.05 where there is the moving average SMA100, and we will witness a rising move targeting the falling trendline from October 26th top, and the upper limit of the above mentioned pattern at 89.71 first, and if broken we could see a jump to 90.73. On the other hand, if the short-term support at 88.72 is broken, we will target 88.13 which is the last significant support before the last 15 years low 87.10

Support:

• 88.72: Nov 17th low.

• 88.13: Oct 13th low.

• 87.10: Jan 12th low.

Resistance:

• 89.05: the moving average SMA100.

• 89.71: the top of the supposed wedge formation.

• 90.73: intraday top.

Forex Trading Analysis, by Forexpros