FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For February 25th/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.36.
Resistance. 2 : 82.20.
Resistance. 1 : 82.04.
Support. 1 : 81.84.
Support. 2 : 81.67.
Support. 3 : 81.51.

TODAY OUTLOOK :

The USD/JPY has been trading in a downtrend for several days already. It seems that today the pair will try to re-test the previous resistance at 82.00, afterwards the pair has a potential to advance from the downtrend movement, especially if this spot rate can break out and close below 81.86. On the other hand if the 82.00 level is tested and the pair still advances and begins an uptrend movement, it has a chance to go up at least to the Q2 resistance channel. 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 this pair can break out and close above 82.05 and set Take profit at 82.25.

SELL if this pair can break out and close below 81.86 and set Take profit at 81.75 as the first target and 81.50 as the second target.