Resistance. 3 : 83.59.
Resistance. 2 : 83.43.
Resistance. 1 : 83.26.
Support. 1 : 83.05.
Support. 2 : 82.89.
Support. 3 : 82.72.
Today the USD/JPY opened with high volatility that was cause by the risk of aversion from the market players and this is all about the higher oil price, the Middle East situation and the earthquake in the Christchurch (New Zealand). This pair started reaching a new high by breaking the 83.50 level and suddenly dropped back to the downside to test the next support at the 83.00 level. However, the 83.00 level still provided a strong support for today and helped the pair to go up again and re-test 83.50 and today's high at the 83.57 level. However, please pay attention for today’s Resistance. 3 and today’s Support. 3, usually after reaching one of these levels the USD/JPY reverses between 10 pips to 20 pips. If the pair reaches one of these levels and still goes more than 50 pips in the chosen direction, this will denote that the USD/JPY has found its tendency for today.
TODAY RECOMMENDATION :BUY if the USD/JPY can break out and close above 83.57; set Take profit at 83.75.
SELL if the pair can break out and close below 82.86; set Take profit at 82.75 as the first target and 82.50 as the second target.