USD / JPY Technical Forex Analysis for Forex Traders
After Fibonacci resistance 90.66 has succeeded in reversing the short term direction, the price traded under it for the whole past 24 hours, reaching a low of 89.61, and drifting away more than 100 pips from the weekly high, which is in total agreement with Fibonacci analysis that suggests we had a short term direction-changing top at 90.66. This rebound from Fibonacci retracement level with very good accuracy is evidence that the general direction of the short-term is down.
If this turns out to be true, we will see the Dollar-Yen breaking the nearby support 89.69, and trying to attack the Fibonacci support 89.09 which will act as a first target for this break, and in case this level is broken, we can say that the drop from 90.66 is more than a correction. If this level is also broken, the target would be 88.46, on the way to lower targets. As for the resistance it is provided by short term Fibonacci 61.8% resistance, at 90.26. If this line is broken, we will be on the way to another weekly high, since the targets for such a break would be 90.84 & the well known important resistance 91.67.
Support:
* 89.69: Fibonacci 50% for the short term.
* 89.09: Fibonacci 61.8% for the short term.
* 88.46: previous hourly support.
Resistance:
* 90.26: Fibonacci 61.8% for the drop from this week's high.
* 90.84: Nov 5th & 6th high.
* 91.67: previous hourly support.