Resistance. 3 : 82.69.
Resistance. 2 : 82.53.
Resistance. 1 : 82.37.
Support. 1 : 82.17.
Support. 2 : 82.00.
Support. 3 : 81.84.
Yesterday the USD/JPY formed a "Bullish 123 Pattern" and today in order to establish upside movement the pair must retrace to the downside first to make a "second leg" before it goes up again, and the pair now wants to test the Fibonacci Support 38.2% at 82.23; if this level cannot be held, the pair will again test the next Fibonacci Support 50% at 82.19, 61.8% at 82.15, and 78.6% at 82.10 (the last support level). If the pair is back to the upside, there will be a potential for the USD/JPY to catch the 82.46 level today as the first target, and the 82.59 level as the second target. On the other hands if the pair is still going down until it breaks out and closes below the 81.98 level (the low of no. 1 of the 123 pattern ), it looks like the upside movement of this pair is held for today. 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 pair can break out and close above 82.37 (especially 82.40) level area and set Take profit at 82.50.
SELL if the pair can break out and close below 82.00 and set Take profit at 81.75.