USD / JPY Technical Forex Analysis for Forex Traders

The clear "Reversal Day" pattern proved its strength. As we have expected, the price started to fall immediately after breaking 91.55, reaching 90.84 until now (but without reaching the suggested target 90.40). As we said yesterday, the "Reversal Day" pattern is one of the strongest & most reliable reversal patterns, that is why we will keep our bias towards the Yen, but with caution, because as we get closer & closer to the channel bottom, the odds of a rising correction gets bigger & bigger. Short term most important support is the bottom of the rising channel on the hourly chart which is currently at 90.55. We do not recommend going short before it is broken. If this break takes place, the price will drop targeting 89.90, and then 89.22.