FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For September 7, 2010

Today, the yen increased against the major currencies, which was caused by expectations concerning the Bank of Japan to announce a new injection of liquidity during the meeting today. However, the yen is rising amid the unclear situation as to the BOJ itself will come to understanding that market intervention is necessary to decline the quotes its currency. The Bank of Japan was hoping for success even if it makes the intervention measures without the support of other Central Banks. The Japanese economic fundamentals are forecast to impact the trade today, for example, the Core Machinery Orders, it looks like the movement of this pair will be in consolidation and it is still likely to be in a range and not too wide.

Anyway here are the significant intraday levels for this pair today:

Resistance. 3 : 84.64.

Resistance. 2 : 84..47.

Resistance. 1 : 84.31.

Support. 1 : 84.10.

Support. 2 : 83.93.

Support. 3 : 83.76.

Suggestions:

Scalping from 10 pips to 20 pips near t84.47.he 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.