FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For September 1, 2010

The yen is weaker than the US dollar and the euro the first time in three days following the signals of the economic recovery in Asia as the investors buy assets with higher yields. The Japanese currency declined versus 16 main opponents after China reported the fastest advance of the manufacturing sector in August 2010. Thus, yesterday this pair after hitting the Support. 3 level during FOMC meeting, moved to target profit (between 10 pips to 20 pips).

The important intraday trading levels for today are:

Resistance. 3 : 84.79.

Resistance. 2 : 84.62.

Resistance. 1 : 84.46.

Support. 1 : 84.25.

Support. 2 : 84.08.

Support. 3 : 83.91.

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.