FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For February 23rd/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 83.13.
Resistance. 2 : 82.97.
Resistance. 1 : 82.80.
Support. 1 : 82.60.
Support. 2 : 82.44.
Support. 3 : 82.27.

TODAY OUTLOOK :

The intraday bias of the USD/JPY is still in the downtrend. In the early morning this pair wanted to test the upside at 83.00; but the downside movement was too strong and the pair declined again and broke out the 82.75 support level. At the moment the USD/JPY came back to re-test 82.75. However if the pair wants to break the bearish movement, the USD/JPY must break out and close above the 82.91 level. However, please pay attention for 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 82.91; set Take Profit at 83.00.

SELL if the USD/JPY can break out and close below 82.50; set Take Profit at 82.25.