After last Thursday's sharp drop, we can say that the Dollar-Yen has moved horizontally in the same areas for a whole week, in a period of excitement-free trading. And as the important support & resistance levels for the short term approaching each other, expecting a large move to be just around the corner is a completely logical thing. What is worth mentioning is that during last Thursday's drop, we have came close to the long term Fibonacci 61.8% support at 88.23, and there is no doubt that this level is the most important support in these areas.

As for the short term, the support is at 89.75, and breaking it would indicate a movement to test the most important support 88.23, with a possibility to stop around 88.81 even if temporary. Short term resistance is little changed at
90.04, and breaking it would indicate that the Yen has settled for closing on 88.23 without reaching it, and that we are correcting last Thursday's drop, or may be the whole drop from 93.75, which might be over close to the Fibonacci support. Such a correction would have ideal targets at 91.14 & 91.76.

Support:

* 89.75: important intraday support.

* 88.81: Friday's low.

* 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75.

Resistance:

* 90.04: important intraday resistance.

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

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