USD / JPY Technical Forex Analysis for Forex TradersSubmitted by Harish Dhawan on Mon, 10/26/2009 - 12:29.
Munther T Marji
Dollar-Yen reached 92 for the first time in more than a month. And after breaking 91.63, its is only logical to say that the odds favor a continuation of this slow rise, probably to our previously suggested target area 92.52-58, which could be an area for the price to reverse from, and start correcting the whole rise from 87.98.
Short-term resistance is 91.94, and breaking it would mean we are heading towards the target area 92.52-58, or may be to a more exciting and attractive target, which is 92.88: Fibonacci 50% resistance for the whole down move from 97.77 to 87.98.