USD / JPY Technical Forex Analysis for Forex Traders

Dollar/Yen broke the support specified in yesterday’s report 91.79, and dropped by almost 100 pips, getting very close to our suggested target 90.75, without reaching it (The lowest price for the past 24 hours is 90.84). Stopping at this bottom is actually stopping at Fibonacci 50% level for the whole rise from 87.99 to 93.62. Therefore, we are before a very important level, which will be our “support of the day”. If broken, the drop will continue, and will target a very important level at 90.14, and if this one is also broken, we will target 89.61. On the other hand, resistance is at 91.50, and breaking it would improve the negative technical outlook for the short term, probably slightly.