USD / JPY Technical Forex Analysis for Forex Traders

We would completely abandon our focus on 93.62, after the price broke it several times without being able to create a decisive move in any of the times it broke this previously important level. We will focus on analyzing the rising move from 92.80, which seems to be doing good. This move has reached 94.30 so far, and it stopped in the same area as Monday's rise, when the high was 94.34. Thus, 94.30 will be our resistance for the day, breakingit would give us a chance to finally seethe long awaited 95 area, where there are several important levels we like such as 95.05 & 95.90.

But when talking about support, we should consider the correction possibility for the whole rise from 92.80. IF we break Fibonacci 38.2% for the rise from 92.80 to 94.30, which is at 93.73, we will be officially in a correction. This correction targets 93.37 ideally, and if broken we will see a strong hard drop to the most important support 92.38. This is a critical support for the medium term as well.

Support:
* 93.73: Fibonacci 38.2% for the short term.
* 93.37: Fibonacci 61.8% for the short term.
* 92.38: the rising trend line from 88.12 on hourly chart, after it has been modified.

Resistance:
* 94.30: yesterday's high which is very close to Monday's high, and this week's high 94.34.
* 95.05: Aug 24th high.
* 95.90: Jul 29th low.