Dollar-Yen broke Fibonacci resistance 90.68 and reached 91.28 as we accepted, with accuracy (yesterday's high 91.30), before retreating fast. This behavior redefined the rising channel on the hourly chart to make its bottom at 90.18. And when calculating Fibonacci 61.8% resistance for the short-term (for the drop from yesterday's high), we find that it is at the resistance level of 90.90.
In case of a break of either of those levels, we believe price will move in the direction of the break. If the bottom of the channel at 90.18 is broken, the price will move down and target 89.61 first, and may be 89.07 as well. While if we break Fibonacci resistance at 90.90 we expect a rise to surpass yesterday's high, targeting the important 91.63 first, and only if it is broken we can expect 92 to appear on the price screens when the price targets the obvious resistance on the hurly chart 92.17.
Support:
• 90.18: the bottom of the rising channel on the hourly chart.
• 89.61: previous support & Oct 12th low.
• 89.07: previous intraday support.
Resistance:
• 90.90: Fibonacci 61.8% for the short-term.
• 91.63: a well known support area that contained a number of daily tops and bottoms, the last of which was Oct 29th high.
• 92.17: obvious resistance on the hourly chart.
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