FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For January 7th/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 83.70.
Resistance. 2 : 83.53.
Resistance. 1 : 83.37.
Support. 1 : 83.16.
Support. 2 : 83.00.
Support. 3 : 82.83.

TODAY OUTLOOK :

After having a Bullish momentum, today the USD/JPY has been trading in a tight range between 83.25 and 83.50. We must trade carefully today because in the early night the US Non Farm Payrolls is due. However, 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, this will denote that the USD/JPY has found its tendency for today.

TODAY RECOMENDATION :

BUY if this pair can break out and close above 83.50; and set 83.75 as a first target and 84.00 as a second target.

SELL if this pair can break out and close below 83.25; and set 83.00 as a first target and 82.75 as a second target.