USD / JPY Technical Forex Analysis for Forex Traders
After holding close to 91.66 on Monday, the price started to rise from this Fibonacci support, and continued all the way until it achieved the "surprise" and started trading above the previously broken trend line. This very strong rise from the bottom which came only 8 pips below Fibonacci at 91.66, indicates that the trend is up. But, the return of the price to trade below this line once again today, is really puzzling. Thus we have no choice but to focus on short term levels without any prior bias. Short term support is at 92.72, and if broken we will test last Friday's low 91.89, and then the previous important resistance 90.78. While the resistance is still where it was in the past few days at 93.61, and we do not recommend cheering for the Dollar before breaking it. If we do, we will target 94.24 first & then 95.05
Support:
* 92.72: Asian session low.
* 91.89: Friday's low.
* 90.78: previous resistance on hourly chart.
Resistance:
* 93.61: an intraday resistance which stopped the price several times.
* 94.24: Apr 7th high.
* 95.05: Aug 24th high.