FX.co ★ USD/JPY Technical analysis, Support and Resistance Levels for December 09, 2010

Today Technical Level:

Resistance. 3 : 84.16.
Resistance. 2 : 83.99.
Resistance. 1 : 83.83.
Support. 1 : 83.62.
Support. 2 : 83.46.
Support. 3 : 83.29.

Today Outlook:

After the USD/JPY failed to break out the 84.25 level yesterday and went down to the mark of 83.75, it seems today the pair will come to test the level of 84.00. However, the USD/JPY is still traded within the range of 84.25 – 83.75. In case the USD/JPY breaks out and closes above 84.25, then the pair most probably will reach the level of 84.50 as a first target and the level of 84.75 as a second target before it rises to 85.00. Otherwise, the USD/JPY can break down and close below the 83.75 level, in this case the pair will decline to 83.50 as a first target and to 83.25 as a second target before it moves back to 83.00 again. Nonetheless, please pay attention to today’s Resistance. 3 and Support. 3 levels; usually after hit one of these levels the USD/JPY reverses by 10 pips to 20 pips. If the pair reaches one of these levels and still goes in the chosen direction, then this will denote that the USD/JPY has found its tendency for today.