FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For August 27, 2010

Currently it can be stated that the US dollar is likely to move consolidated on Asian and European sessions. Much seems to depend on today’s meeting in Wyoming, and the American currency can continue trading at high rates. The gloomy economic recovery would encourage speculators to turn to safe haven currencies again. The Japanese yen is forecasted to strengthen due to strong support from the safe haven currency market. By far there have been no definite actions from the Bank of Japan related to intervention on the market of currencies. Thus, the yen is getting strong against the US dollar again.

Here are the important intraday levels for this pair today:

Resistance. 3 : 84.81.
Resistance. 2 : 84.65.
Resistance. 1 : 84.48.
Support. 1 : 84.28.
Support. 2 : 84.11.
Support. 3 : 83.94.

Suggestions:

Scalping from 10 pips to 20 pips near the Support. 3 for BUY and the Resistance. 3 for SELL; but please, pay attention, that if this pair is still moving for 47– 50 pips after breaking through the Support. 3 or the Resistance. 3, then it is likely to continue the advance, so please, change the position beforehand.