FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For September 16, 2010

Here is an important intraday level area for this pair today :

Resistance. 3 : 85.94.

Resistance. 2 : 85.76.

Resistance. 1 : 85.60.

Support. 1 : 85.39.

Support. 2 : 85.22.

Support. 3 : 85.06.

Suggestions:

Scalping from 10 pips to 20 pips near 184.47 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 positions beforehand.

Market outlook:

Finally, the Japanese government intervened in currency market, pushing the Yen down 3 percent against the U.S. dollar on wednesday, but it is uncertain, whether this impact is long-term. The Bank of Japan spent about $ 20 billion or more to weaken the yen against the U.S. dollar in order to create the largest dollar's increase in nearly two years. By the middle of trading session in New York, the dollar had rose to 85.78 yen from its low of 83 Yen. But the market players are still skeptical about the BoJ steps will be effective in the long term perspective, since large sums are needed for the success of interventions without the support of other central banks. In the tough global economic situation the Yen is an excellent safe haven currency. Speculation forecast the next intervention on the market.