FOREX UPDATE

Finally, we have tested the most important support level in the current price area: 91.73-91.76, which is the small support area that holds within the lows of July 8th, 10th, and 13th. Price hardly held above it after reaching 91.60. And we think that breaking it would have enough influence to "finally" accelerate the downtrend, and would be followed by a move down to 90.90 or even 89.69. As for attempts to go higher, they would not mean anything without a break of Fibonacci 61.8% resistance at 92.20, which stopped the rise twice, during the American & Asian sessions. If this resistance is broken, we think the USDJPY will target areas above 93 such as 93.42, and if this one is also broken, the next stop would probably be 94.16.

Support: