Not a lot of motion in the past 24 hours, it seems that this pair is still building a base, in a step to change short term direction. Today, we see the Dollar-Yen trying to break the falling trend line from 89.48 on the intraday charts. If it succeeds in doing so, we will be in front of a new trend in a new week. This trend line is very close to the resistance 89.39, and that is why this resistance will be resistance of the day.

Breaking it would indicate this pair is targeting the short term Fibonacci retracement levels, and the major 3 levels are at 90.02, 90.43 & 90.83. We picked the first and last of them as targets for the 89.39 break. As for the resistance
88.81 has shown strength so far (please refer to the attached chart). We will adopt it as support of the day, and if it is broken, we ill not get out new trend today, the fall will continue, and the next set of targets will be 88.00 &
87.35, most of them are notably important support levels.

Support:

* 88.81: Oct 7th low.

* 88.00: Fibonacci 61.8% for the short term.

* 87.35: Dec 9th low.

Resistance:

* 89.39: the slightly falling trend line from 89.48 on the intraday charts.

* 90.02: Fibonacci 38.2% for the drop from 92.31.

* 90.83: Fibonacci 38.2% for the drop from 92.31.

Forex Trading Analysis written by Munther Marji for forexpros. com