FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For December 01, 2010

Today Technical Level :

Resistance. 3 : 84.03.
Resistance. 2 : 83.87.
Resistance. 1 : 83.70.
Support. 1 : 83.50.
Support. 2 : 83.34.
Support. 3 : 83.17.

Today Outlook :

It seems the USD/JPY tries to reach the lower limit of the Pitchfork channel at 83.25. This level will be a critical point (the orange circle), because if the pair closes below this level, it will be a barrier for the bullish movement or at least the pair can enter to the congestion/Sideways situation. In case the USD/JPY can break out the level of 83.25, then the pair will move to the level of 83.00; and if the downside tendency is too strong then the next target for the movement will be 82.75. However, please pay attention to the today’s Resistance. 3 and Support.3; usually if the USD/JPY reaches these levels it reverses between 10 pips to 20 pips. But if this pair after hit one of these levels still goes until 50 pips, it will indicate that the pair has found its way.