FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For October 13, 2010

Resistance. 3 : 82.35.

Resistance. 2 : 82.18.

Resistance. 1 : 82.02

Support. 1 : 81.82.

Support. 2 : 81.66.

Support. 3 : 81.50.

Yesterday, after the USD/JPY pair hit the support. 3 at 81.75 it went up again between 10 to 20 pips, as we have forecasted. However, since the pair did not retrace up to the Fibonacci Resistance 23.6% at 82.34 before it went down, then this situation indicates that the downtrend will not be observed any longer, because when the USD/JPY hit the support.3 at 81.75 it always reverses up. Today the pair will go down; the USD/JPY is still traded in a range 82.55-81.37, so please pay attention to Support.3 (81.50) and Resistance.3 (82.35) areas. If the pair reaches these levels, then there is a possibility that it will reverse between 10 pips to 20 pips. In case the pair moves to 82.79 after it hit Resistance.3 (82.35) then it denotes that the USD/JPY will go up. On the other hand, if the pair goes down to 81.06 after it hit Support.3 (81.50), this indicates that it will move down. By the way, please pay your attention to 82.19 and 82.70 levels, because these two levels can be the strong Resistance for this pair today.