FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For January 18/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 83.01.
Resistance. 2 : 82.85.
Resistance. 1 : 82.69.
Support. 1 : 82.48.
Support. 2 : 82.32.
Support. 3 : 82.16.

TODAY OUTLOOK :

Today after market opening in the early morning this pair started trading in the range between 82.50 and 82.75. Anyway, this pair wants to re-test the 82.40 level; if the USD/JPY can break out and close below that level, it will cause this pair to go down to 82.15 (Fibonacci Support 61.8%) as the first target and 81.74 as the second target. 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 RECOMMENDATION :

BUY if this pair can break out and close above the 82.75 level; set Take profit at 83.00.

SELL if this pair can break out and close below the 82.50 level, set Take profit at 82.25.