Dollar-Yen traded in a very tight range, without breaking support or resistance from the report, and we are still watching this bounce, which started to lose momentum. This fine bounce may manage to capitalize on the break of 90.36 to go higher, going through the resistance 90.79.

If the Dollar is meant to achieve more gains from this bounce, it is preferred that we do not break support at 90.34 where the SMA100 moving average is. And between 90.79 & 90.34, we will await a break of either of them to set the direction for the short term. If we break the resistance 90.79, the price will already be in a correction for the whole drop from 93.75, with ideal targets at 91.44 & 91.98. In case of a break of the support 90.34, we will target 89.57 and if broken we will be going back to the same trend line that provided last week's support, which is currently at 88.48.

Support:

* 90.34: the moving average SMA100 on the hourly chart.

* 89.57: Jan 29th low.

* 88.48: the support of the falling trend line from 90.58.

Resistance:

* 90.79: important intraday top.

* 91.44: Fibonacci 50% for the whole drop from 93.75.

* 91.98: Fibonacci 61.8% for the whole drop from 93.75.

Forex Trading Analysis written by Munther Marji for http:// www. forexpros. com.