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

TODAY TECHNICAL LEVEL :

Resistance. 3 : 83.75.
Resistance. 2 : 83.59.
Resistance. 1 : 83.42.
Support. 1 : 83.21.
Support. 2 : 83.05.
Support. 3 : 82.88.

TODAY OUTLOOK :

Today the USD/JPY started trading in a ranging situation between the 83.25 and the 83.37 levels and the intraday bias for this pair is now in a downside situation. But if the pair can break out and close above 83.37, it might test the 83.50 and the downside bias will be supressed. On the other hand, if the USD/JPY can break out and close below the 83.21 level, it might go down and test the next support level at 83.11. 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 the USD/JPY can break out and close above 83.37, set Take profit at 83.50 as the first target and 83.70 as the second target.

SELL if the USD/JPY can break out and close below 83.21, set Take profit at 83.11 as the first target and 83.00 as the second target.