Although the Dollar-Yen reached a new top for this cycle on Friday at 91.07, it closed slightly down, at only 5 pips below the open price, which makes this day a candidate for a “Reversal Day” pattern. Also, the very small real body for Friday’s candlestick makes it very close to a “Doji” pattern, and if we want to be extra specific we can refer to it as a “Shooting Star” candle pattern.

All these indications give us one direction: down. Short term support is provided by the rising trend line from 89.61 on the hourly chart, which is currently at 90.33. If broken, this positive outlook will get the support it needs to push down. The next set of targets will be 89.61 & 89.04. As for the resistance it is at 90.76, and in case it is broken, the price will contradict all these technical signals, and would jump strongly to 91.60, and may be later to the important
92.31.

Support:

• 90.33: the rising trend line from 89.61 on the hourly chart.

• 89.61: Mar 9th low.

• 89.04: Nov 24th high.

Resistance:

• 90.76: Fibonacci 61.8% for the short term.

• 91.60: Oct 29th high.

• 92.31: Oct 26th high.