FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For February 24th/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.58.
Resistance. 2 : 82.41.
Resistance. 1 : 82.25.
Support. 1 : 82.05.
Support. 2 : 81.88.
Support. 3 : 81.72.

TODAY OUTLOOK :

Today the bias of this pair is still in the downtrend situation. At the moment the spot rate wants to test the 82.00 level. However, it seems the pair will have a little retracement to the upside, especially if it hits the 81.72 level there is a possibility of a reverse from the downside movement. As long as the 82.67 level is not broken by this pair, the bearish situationis in advance. 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 82.67, set Take profit . 1 at 82.75 and 83.00 as the second target.

SEL if the USD/JPY can break out and close below 82.00, set Take profit. 1 at 81.75 and 81.50 as the second target .