USDJPY resisted by multi month downward trendline

USDJPY is currently trading at a multi-month downward trendline, seeing resistance at 91.80. This can be considered good resistance as the trendline actually goes back a long way..

Please see the weekly chart below to have a graphical feel:



As to where the USDJPY might fall, if it does really fall, the next likely support is at 90.50 - the 23.6% level between the '09 high and low (on the weekly chart).

This level provides good support because it kept the USDJPY afloat during Oct and when broken through on the downside eventually, it provided good resistance in Dec when the USDJPY surged (after NFP). Areas where support turned into resistance are often significant because orders tend to congest around there.

Please see chart below.