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USDJPY – Trouble started!

By:

Forexpros (Munther Marji )

2009-22-12 08:56:00 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, .....

Exactly as we have expected, the drop to 90.22 was just a short-term corrective drop, and the price resumed rising short after, to areas above 90.90 as we said in yesterday’s report. Dollar-Yen broke the specified resistance in yesterday’s report 90.46 and successfully reached the first suggested target 91.30. But, has trouble started for this rising move? We can see on the attached chart that the price hardly reached any area above the moving average SMA100, and stopped close to the trend line. Thus, we expect the Dollar to settle for the previously harvested gains, and to start going down from the current levels. Short-term resistance is 91.30, and breaking it would target 91.93 first, and then the important 92.31. But what is expected is the opposite of that: the resistance should hold, and the price should start dropping toward short-term support 90.99, and if we break it we will head towards 90.32 and then 89.50.

Support:
• 90.99: intraday support.
• 90.32: previous important intraday top.
• 89.50: Fibonacci 61.8% for the whole move from 88.91 to 91.46.

Resistance:
• 91.30: Nov 4th high.
• 91.93: Sep 3rd low.
• 92.31: Oct 27th high.

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