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USD/JPY – A critical point!

By:

Forexpros (Munther Marji )

2010-05-01 08:57:00 GMT

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Munther Marji

Mr. Munther Marji is the founder of The Technical Trader Analysis Services, which was founded in May 2003, and still generates technical analysis & forex signals on daily & weekly basis. He came to the world of forex as a broker in Dec 2000, .....

At the moment of preparing this report, the Dollar-Yen is approaching 91.60, the rising trend line from 84.81. This point could be critical not just for the short term but for the medium term as well, since breaking it would indicate the termination of the rising trend line from 84.81, which will have a huge effect on the technical outlook for the medium term. If this line is broken, we will fall to the important 90.55, which is also another important support for the short term, and maybe we will see 89.58 after that. On the other hand, if the line survives this test, a short term rise will be initiated, challenging short term resistance at 91.97, and breaking this level would lead to a correction to the drop from 93.20 (and may be to more than that), targeting the important 92.59, and once its broken we will be looking forward to the long awaited 93.53.

Support:
• 91.60: the rising trend line from 84.81.
• 90.55: Fibonacci 61.8% for the whole move from 88.91 to 93.20.
• 89.58: Fibonacci 61.8% for the whole move from 87.35 to 93.20.

Resistance:
• 91.97: intraday resistance.
• 92.59: Fibonacci 61.8% for the short term.
• 93.53: Mar 19h low.

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