FX.co ★ USD/JPY Technical Support & Resistance for December 23rd/2010

TODAY TECHNICAL LEVEL :

Resistance. 3 : 83.84.
Resistance. 2 : 83.67.
Resistance. 1 : 83.51.
Support. 1 : 83.30.
Support. 2 : 83.14.
Support. 3 : 82.97.

TODAY OUTLOOK :

After the USD/JPY succeeded to breakout and close below the 83.50, this pair now try to reach 83.25 as a first target and 83.00 as a second target, however if the 83.00 level can become a strong support level for today, it will cause the USD/JPY to reverse up again especially if this pair hits itsToday Support. 3 at 82.97. Please pay attention for the 83.25 level, if the pair can easily break out and close above that level, it will cause it to reach 83.50 as a first target and 83.75 as a second target (if the momentum is not drained during the Christmash holiday session). Nevertheless, please pay attention to today’s Resistance. 3 and today’s Support. 3, usually after reaching one of these levels the USD/JPY reverses between 10 pips to 20 pips. If the pair reaches one of these levels and still goes more than 50 pips in the chosen direction, then this will denote that the USD/JPY has found its tendency for today.

TODAY RECOMENDATION FOR USD/JPY :

BUY at 83.62 Set the Take Profit betwen 10 pips to 15 pips.

SELL at 83.42; Set the Take Profit betwen 10 pips to 15 pips.